谁在狂买美债？不到6万人口，却一年买入1160亿美元，哪来那么多钱？

Core Viewpoint - The debate over whether U.S. Treasury bonds remain the best safe financial asset is polarized, and understanding this requires looking beyond binary thinking to actual capital flows from central banks and institutions, which provide more reliable insights than public discussions [1] Group 1: U.S. Treasury Holdings - From June 2024 to June 2025, foreign holdings of U.S. Treasury bonds increased from $8.3 trillion to $9.13 trillion, a net increase of $830 billion, indicating that despite market concerns about risks, most economies are not significantly reducing their holdings [2] - China reduced its U.S. Treasury holdings from $7.8 trillion to $7.56 trillion during the same period, a decrease of $240 billion, reflecting a strategy for diversified asset allocation and the impact of changing geopolitical dynamics [4] Group 2: Major Buyers of U.S. Treasuries - The Cayman Islands, Belgium, and the UK were the top three countries increasing their U.S. Treasury holdings, each adding over $100 billion, with the Cayman Islands leading at $116 billion, surpassing the total U.S. Treasury holdings of Germany [4] - The Cayman Islands' status as an offshore financial center attracts numerous hedge funds and multinational corporations, making it a significant buyer of U.S. Treasuries, although the actual holders are global investors, including some Chinese institutions [6] Group 3: Offshore Financial Centers - Similar trends are observed in Belgium, Luxembourg, and Ireland, which also serve as important nodes for global capital allocation in U.S. Treasuries, with Belgium's increase reflecting both local and cross-border capital flows [8] - The "account-based" holding model of U.S. Treasuries indicates that actual control is dispersed among global investors, while the reported holdings reflect technical classifications rather than true demand from individual economies [8] Group 4: Strategic Role of U.S. Treasuries - The U.S. Treasury bonds' appeal is driven by the dollar's dominance as a global settlement currency, the depth and liquidity of the U.S. Treasury market, and the relative stability of the U.S. economy, alongside their role as a stabilizing asset in investment portfolios [10] - The evolving role of U.S. Treasuries from a simple "risk-free asset" to a multi-dimensional strategic tool is shaped by various factors, including U.S. fiscal deficits, inflation volatility, and rising geopolitical risks, necessitating a nuanced understanding of each country's Treasury strategies [10]