你抛美债，我抛中债！外资陆续减持中国债，更多资金流向美国？

Core Viewpoint - The article discusses the contrasting trends in foreign investment in U.S. and Chinese bonds, highlighting a significant sell-off of Chinese bonds by foreign investors while U.S. Treasury bonds are experiencing increased demand due to their perceived safety and attractive yields [1][3]. Group 1: U.S. Treasury Bonds - U.S. Treasury bond prices are rising, with foreign holdings reaching a record $9.159 trillion in July 2025 [3]. - The Federal Reserve's recent interest rate cut to 4.00%-4.25% has made U.S. bonds more attractive, leading to increased investments from institutions [6]. - Major foreign holders like Japan and the UK continue to increase their U.S. bond holdings, with Japan adding $38 billion in July [6]. Group 2: Chinese Bonds - In July, foreign investors sold off 303.9 billion yuan of Chinese bonds, which is only about 1% of the total market size of over 25 trillion yuan [8]. - The primary reason for the sell-off is the narrowing arbitrage opportunities, as the yield differential between U.S. and Chinese bonds has diminished [10]. - Despite the sell-off, foreign capital is still flowing into China, with 87% of the $44.8 billion that entered emerging markets in August going to Chinese stocks and bonds [11]. Group 3: China's Financial Strategy - China reduced its U.S. Treasury holdings by $25.7 billion in July, bringing its total to $730.7 billion, the lowest since 2009 [12]. - The reduction is part of a broader strategy to balance safety, liquidity, and returns within its $3.3 trillion foreign reserves [12]. - China's economic resilience and ongoing financial reforms are expected to maintain its attractiveness to foreign investors, especially in the context of discussions around "de-dollarization" [14]. Group 4: Market Dynamics - The article emphasizes that capital flows are influenced by risk and return dynamics, with investors shifting between markets based on current conditions [14]. - Regulatory measures are being implemented to enhance liquidity and facilitate foreign investment in onshore markets [15].