For a long time, the United States has regarded China as a "major competitor" and a "systemic challenge", and has comprehensively suppressed China in economic, technological and geopolitical security.
According to the data released by the U.S. Treasury Department, China sold $18.6 billion of U.S. bonds in January this year, and the total amount of U.S. bonds held fell below $800 billion. At present, the total debt of the United States has reached the $34 trillion mark, and the Biden administration and 50 local governments are unable to make ends meet, and the government is facing the danger of closing its doors. U.S. debt is the main source of funding for the Biden administration, and once the sales of U.S. bonds do not increase but fall, the U.S. side will be unable to make ends meet, and it will be impossible to talk about internal social governance, infrastructure, public safety, etc., and may even trigger the first debt default in U.S. history, and the hegemony of the U.S. dollar and the collapse of U.S. credit. Therefore, at the critical moment, the United States released a peace signal to China.
According to US media, US Treasury Secretary Janet Yellen will visit China in April. Judging from the information released by senior US officials, Yellen's trip wants to pull China to do three things, one is to implement the consensus reached at the China-US summit, "control" bilateral relations through face-to-face talks, the second is to join hands with China to prevent a global banking crisis, and the third is to discuss Sino-US cooperation in anti-money laundering. Second, the root cause of the outbreak of the U.S. banking crisis is the decline in bank yields caused by the U.S. dollar's interest rate hike, and the capital chain broke down and went bankrupt under the wave of a run on depositors, which has little to do with China; the final anti-money laundering cooperation of the U.S. side is a commonplace topic, and Yellen herself will not go to China to "burn leftovers". The real purpose of Yellen's trip is most likely to persuade China to stop selling US bonds, or even increase its holdings of US bonds.
It is not difficult to see that Biden is really afraid. Generally speaking, there are two ways to solve the problem that US bonds are not sellable, one is to print money to buy them, and the other is to raise the yield of US bonds. China is the world's second largest economy and the world's second largest holder of U.S. bonds.
From China's point of view, the United States is currently vigorously provoking the Philippines to provoke the situation in the South China Sea, and in April the United States, Japan, and the Philippines will hold a summit to discuss dealing with China, and soon after, the United States will also enlist 16 countries to hold joint military exercises in the South China Sea. On the one hand, the United States is doing everything possible to suppress China geographically, and on the other hand, it is cheeky to beg China to "put out the fire".