需求韧性超预期！加拿大大幅增持推动下 外国投资者5月美债持仓规模上升

Core Insights - Despite concerns about the impact of the Trump administration's policies, foreign demand for U.S. Treasury bonds remains resilient [1] - In May, foreign investors held a total of $9.05 trillion in U.S. Treasuries, an increase of $32.4 billion from April, nearly offsetting the previous month's decline [1] - Canada emerged as the largest buyer in May, net purchasing approximately $65.8 billion in U.S. Treasuries, raising its total holdings to a record $430 billion [1] Summary by Category Foreign Investment - Foreign investors increased their holdings of U.S. Treasuries to $9.05 trillion in May, marking a $32.4 billion rise from April [1] - Canada was the largest buyer, with net purchases of $65.8 billion, leading to a total holding of $430 billion [1] - Japan slightly increased its holdings by $0.5 billion to $1.14 trillion, while China reduced its holdings by $0.9 billion to $756.3 billion [1][1] Market Dynamics - The changes in Treasury holdings are influenced by trading activities and valuation changes, with the U.S. Treasury index declining in May, indicating rising yields [1] - Concerns over the U.S. budget deficit persist, yet the fundamental demand for U.S. Treasuries remains strong, as noted by investment managers [1] - Over 30% of the U.S. Treasury stock is held by foreign funds and governments, highlighting the significant role of international investors in the U.S. debt market [1]