美银：外国投资者对美债需求出现“裂缝”

Group 1 - Central banks have been selling U.S. Treasury bonds since March, indicating a reduction in investment in dollar assets, with an average decrease of $17 billion in U.S. Treasuries held by global central banks as of June 11, totaling a cumulative decline of $48 billion since late March [1] - The decline in foreign demand for U.S. Treasuries is unusual, especially as the dollar has weakened, which typically prompts central banks to buy more Treasuries [1] - Concerns have arisen regarding international investors' interest in U.S. Treasuries, influenced by U.S. trade and fiscal policies, leading to speculation about potential avoidance of U.S. assets by overseas buyers [1] Group 2 - Foreign investors have been significant buyers of U.S. Treasuries, with nearly all demand in the first quarter of this year coming from dealers and foreign investors, highlighting a concerning trend [4] - The weakening participation of foreign investors in recent 2-year and 20-year Treasury auctions raises alarms about future foreign demand, especially as global investors seek to reduce exposure to U.S. assets [4] - The current situation reflects a potential shift in asset allocation strategies among official sectors, moving away from dollar holdings [1][4]