从1.3万亿下降至7600亿，中国减持近半美债，为防美国债务违约？

Core Viewpoint - The U.S. Treasury data reveals a significant shift in foreign holdings of U.S. debt, with China reducing its holdings while the UK increases its investments, indicating changing dynamics in global debt ownership [1][6]. Group 1: U.S. Debt Holdings - As of March 2025, China has reduced its U.S. debt holdings by $18.9 billion, bringing its total to $765.4 billion, while the UK has increased its holdings by $29 billion to $779.3 billion, surpassing China as the second-largest foreign holder of U.S. debt [1][2]. - Japan remains the largest holder of U.S. debt, with holdings of approximately $1.13 trillion [2]. - The total foreign ownership of U.S. debt reached a record high of $9.05 trillion by the end of March 2025, with seven of the top ten foreign holders increasing their investments [6]. Group 2: Credit Ratings and Economic Indicators - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, citing a debt-to-GDP ratio of 124% and annual interest payments exceeding $1 trillion, with projections indicating this ratio could rise above 135% in the coming years [4]. - Following Moody's downgrade, other rating agencies like Fitch and S&P also removed the U.S. from the highest credit rating category, raising concerns about potential debt default [4]. Group 3: Market Reactions and Future Outlook - Despite the reduction in Chinese holdings, other countries, including the UK and Japan, have shown confidence in U.S. debt by increasing their investments, reflecting a broader trust in the U.S. government's ability to meet its debt obligations [6]. - The Federal Reserve holds over $4.2 trillion in U.S. debt, providing a significant buffer and liquidity support for the U.S. government, which has a total debt of $36.2 trillion [5][9]. - Although the U.S. faces increasing debt challenges, U.S. Treasury securities remain one of the most stable and liquid financial assets globally, maintaining their critical role in the international financial system [9].