究竟是谁在增持美债，究竟是哪些国家、地区持续给美国“输血”呢

Core Insights - The total amount of U.S. Treasury securities held by foreign investors reached a record high of $9.1277 trillion in June 2025, marking a month-over-month increase of $80.2 billion, or 1.11%, and a year-over-year increase of $828.4 billion, or nearly 10% [1][4]. Group 1: Changes in Major Holders - Japan, the largest holder of U.S. Treasuries, increased its holdings by $12.6 billion to $1.1476 trillion in June, continuing its trend since 2025, closely linked to its yen exchange rate policy [3][4]. - The UK saw a significant month-over-month increase of $48.7 billion, bringing its total holdings to $858.1 billion, with a year-over-year increase of $111.6 billion [3][4]. - China’s holdings slightly increased by $0.1 billion to $756.4 billion, marking its first increase after three months of reductions, but it remains down $23.8 billion year-over-year [4][5]. Group 2: Capital Flow Dynamics - The increase in holdings by the UK, Cayman Islands, and Belgium reflects a surge of short-term speculative capital, particularly from international hedge funds betting on potential interest rate cuts by the Federal Reserve [3][5]. - Belgium's holdings surged by 36.3% year-over-year to $433.4 billion, indicating that many central banks may be using Belgian accounts to hold U.S. Treasuries [5][6]. - Offshore financial centers like the Cayman Islands, Canada, and Singapore also saw significant increases in their U.S. Treasury holdings, with Cayman Islands up 35.7% to $442.7 billion [6][9]. Group 3: Geopolitical Implications - The shift in U.S. Treasury holdings indicates a transition from official state capital to private capital, suggesting a potential reconfiguration of the global financial system [5][9]. - Countries like Japan and the UK are increasing their holdings not only for economic reasons but also to maintain geopolitical alliances, with Japan supporting the dollar's dominance and the UK reinforcing its status as a global financial center [8][10]. - Emerging markets, including China, India, and Brazil, are collectively reducing their U.S. Treasury holdings, indicating a diversification of their foreign exchange reserves away from dollar assets [9][10].