2300亿美元！风向变了？美债化危为安，全球超32个国家增持美债

Core Viewpoint - The U.S. debt ceiling crisis has led to significant fluctuations in foreign holdings of U.S. Treasury bonds, with a recent increase in purchases from various countries, particularly China, as a response to favorable market conditions and the resolution of the debt ceiling issue [2][4][6]. Group 1: U.S. Debt Ceiling and Foreign Holdings - The U.S. debt ceiling was reached in January 2023 at $31.4 trillion, prompting temporary measures to avoid default [2]. - From March to June 2023, foreign holdings of U.S. Treasury bonds increased by approximately $230 billion, with notable purchases from China, Japan, and the UK [4][6]. - The passage of the Fiscal Responsibility Act in May 2023, which suspended the debt ceiling until January 2025, alleviated immediate concerns about U.S. default [6][10]. Group 2: Market Reactions and Implications - Following the resolution of the debt ceiling crisis, U.S. Treasury yields decreased, stabilizing the dollar and providing a sense of security to investors [6][10]. - Despite the increase in foreign holdings, the overall U.S. debt has surpassed $35 trillion, raising questions about the sustainability of this debt level [8][10]. - The increase in foreign purchases is seen as a short-term response rather than a long-term solution to the underlying debt issues facing the U.S. [12][14]. Group 3: Global Economic Context - The trend of increasing foreign holdings of U.S. debt is influenced by various countries' strategies to balance their assets and mitigate risks associated with the dollar [4][10]. - Countries like China and Saudi Arabia have shown mixed motivations for increasing their U.S. debt holdings, often influenced by short-term market conditions [8][12]. - The long-term outlook for U.S. debt remains precarious, with rising interest payments and potential economic challenges impacting both domestic and global markets [10][14].