Group 1: U.S. Treasury Market Dynamics - The U.S. Treasury market is experiencing a significant sell-off, with the 10-year Treasury yield rising by 6.86 basis points to 4.4876% and the 30-year yield increasing by 0.72 basis points to 4.8723% [1] - This week, the 10-year yield surged nearly 50 basis points, marking the largest weekly increase since 2001, while the 30-year yield rose over 46 basis points, the largest weekly increase since 1982 [1] - The sell-off is attributed to weak auction demand, rising interest rates, and investor sell-offs, exacerbated by high leverage strategies in the U.S. financial markets [1] Group 2: Fund Flows and Market Sentiment - U.S. bond funds saw a net outflow of $10.07 billion for the week ending April 16, marking the fifth consecutive week of withdrawals, with a total outflow of $100.7 billion [3] - Short- to medium-term investment-grade funds were particularly affected, experiencing a net outflow of $6.3 billion, continuing the trend from the previous week [3] - The overall market sentiment remains fearful, influenced by concerns over U.S.-China trade tensions and the potential for economic recession in the U.S. [5] Group 3: China's Position and Response - China, as the second-largest holder of U.S. Treasuries, has been reducing its holdings since April 2022, with a total reduction of $57.3 billion in 2024, bringing its holdings down to $759 billion [5] - The Chinese government is focusing on a dual circulation strategy to mitigate risks and optimize its foreign exchange reserves, while also promoting the internationalization of the Renminbi [3] - Experts suggest that while there is a risk of economic decoupling between the U.S. and China, complete decoupling is unlikely, as U.S. companies rely heavily on the Chinese market and supply chains [7]
3亿美国人希望中方伸出援手？ 中美经济存在风险，但“完全脱钩的可能性不大”
Sou Hu Cai Jing·2025-04-25 14:37