美债持仓，新变化

Summary of Key Points Core Viewpoint - Foreign investors' holdings of U.S. Treasury securities decreased to $9.249 trillion in September from $9.2662 trillion in August, with Japan increasing its holdings while China and the UK reduced theirs [1][2]. Group 1: Foreign Holdings of U.S. Treasuries - In September, Japan's holdings of U.S. Treasuries rose by $8.9 billion to $1.189 trillion, following an increase of $29 billion in August [4]. - The UK saw a rare decrease in its U.S. Treasury holdings, dropping by $39.3 billion to $865 billion, maintaining its position as the second-largest holder [4]. - China's holdings slightly decreased from $701 billion in August to $700.5 billion in September [4]. Group 2: Market Dynamics and Influences - The decline in overall foreign holdings reflects net selling of U.S. Treasuries by foreign investors, influenced by the rising Bloomberg U.S. Treasury Index in August and September [3]. - Analysts suggest that the differing strategies of central banks regarding U.S. Treasuries indicate varying external asset allocation directions, with a potential for China to continue reducing its holdings [4]. Group 3: Currency and Economic Factors - The weakening of the Japanese yen against the U.S. dollar has been noted, with the yen hovering at low levels since July [6]. - The Bank of Japan's decision to maintain a 0.5% benchmark interest rate, alongside the Federal Reserve's recent rate cut, has widened the interest rate differential, further contributing to the yen's depreciation [7]. Group 4: Gold Holdings and Trends - China's central bank has been increasing its gold reserves, with holdings reaching 7.406 million ounces (approximately 2303.523 tons) by the end of September, up by 40,000 ounces from August [11]. - The rising gold prices and increased central bank purchases reflect a trend towards diversifying international reserves amid geopolitical risks and a weakening dollar [9][10].