最新美债持仓出炉，全球共减持136亿美元，英国减持最多，中国微减？

Core Insights - The latest TIC report reveals foreign investors held a total of $9.25 trillion in U.S. Treasury securities as of September 2025, a decrease of $13.6 billion from August [3] - Japan remains the largest foreign holder of U.S. Treasuries, increasing its holdings by $8.9 billion to $1.1893 trillion, while the UK experienced a rare decline, selling off $39.3 billion, bringing its holdings down to $865 billion [3][5] - China's holdings of U.S. Treasuries slightly decreased by $0.5 billion to $700.5 billion, reflecting a strategic adjustment rather than a drastic reduction [7][10] Summary by Category Foreign Holdings - As of September 2025, foreign investors held $9.25 trillion in U.S. Treasuries, down from $9.26 trillion in August, with Japan, the UK, and China being the top three holders [3] - Japan's holdings increased to $1.1893 trillion, while the UK saw a significant reduction to $865 billion, marking a three-month low [3][5] Market Dynamics - The fluctuations in U.S. Treasury holdings indicate that adjustments by countries like China are based on investment returns and asset allocation rather than outright divestment [4] - The report highlights that gold is gaining unprecedented attention from central banks, with global official gold reserves surpassing $4 trillion, exceeding the total amount of U.S. Treasuries held [6][8] Strategic Adjustments - China's approach to U.S. Treasuries is characterized by rational restraint, with a historical peak holding of $1.3 trillion in 2013, now reduced to approximately $700 billion, reflecting a strategic decision for diversification rather than aggressive divestment [10] - Concerns regarding U.S. default risks are deemed exaggerated, as a default would undermine the U.S. credit system and dollar dominance, making such an event highly unlikely [10][12] Conclusion - Despite challenges from rising gold prices and geopolitical factors, the core position of U.S. Treasuries as a global asset anchor remains stable, with adjustments by countries being tactical rather than strategic withdrawals [12]