According to Bloomberg, Chinese regulatory authorities recently provided verbal guidance to some large commercial banks to limit new purchases of U.S. Treasury bonds and asked banks with high U.S. debt exposure to gradually reduce their holdings to address concentration risk and market volatility risk. The guidance does not apply to China's sovereign foreign exchange reserves, only to commercial banks, and does not specify any clear requirements regarding adjustment scale or timetable. Regulators stated that this move aims to diversify market risk and is unrelated to geopolitical factors or fundamental concerns about the U.S. creditworthiness.