在中国持续减持美国国债时，英国快速增持，是何原因？

Group 1: U.S. National Debt Overview - The total U.S. national debt reached approximately $36.66 trillion as of May 2025, with a year-over-year increase of $1.71 trillion, or 4.9% [5][6] - The U.S. government debt-to-GDP ratio is about 122%, significantly higher than China's ratio of 66% [5][6] - Domestic investors hold approximately 78% of U.S. government debt, amounting to about $27 trillion, indicating a reliance on domestic rather than foreign sources for debt financing [8][6] Group 2: Foreign Holdings of U.S. Debt - Foreign investors hold about 22% of the total U.S. national debt, which translates to approximately $8.06 trillion [8][6] - Japan leads foreign holdings with $1.13 trillion, followed by the UK at $809.4 billion and China at $756.3 billion [11][23] - The UK has seen a significant increase in its holdings of U.S. debt, rising from $1.5 billion in 2011 to $809.4 billion in 2025, reflecting a growth of over 439% [23][24] Group 3: China's Reduction of U.S. Debt Holdings - China has been reducing its U.S. debt holdings, with a decrease of $5.637 billion since its peak of $1.32 trillion in 2011, bringing its current holdings to the lowest level since February 2009 [13][16] - The reduction is attributed to geopolitical tensions, particularly the lessons learned from the freezing of Russian assets, and a strategic shift towards "preventive hedging" [15][19] - China's shift also includes a structural adjustment of its foreign reserves, moving from U.S. debt to increasing gold reserves, with significant purchases made since November 2022 [21][19] Group 4: Implications of Debt Holdings - The increase in U.S. debt holdings by the UK is largely due to non-sovereign bond holdings, with a significant portion attributed to foreign investments routed through UK financial institutions [24][26] - The dynamics of U.S. debt holdings reflect broader geopolitical considerations, where countries are acting as strategic players rather than just investors, indicating a shift in the global financial landscape [27][26] - The confidence in the U.S. economy is mirrored in the purchasing of U.S. debt, while withdrawals may signal geopolitical concerns or strategic repositioning [27][26]