中国抛售603亿美债，最大“接盘侠”诞生，大幅增持超2000亿美元

Core Viewpoint - The global capital market is experiencing a split regarding U.S. Treasury bonds, with China significantly reducing its holdings while Japan and the UK are increasing theirs, reflecting a re-evaluation of dollar asset risks and a restructuring of global foreign exchange reserves [1][3][22]. Group 1: China's Actions - China has sold off $60.3 billion in U.S. Treasuries in the first three quarters of the year, reducing its holdings to $700.5 billion, nearly halving its peak position from 2011 [4][6]. - Since the peak, China has sold off 46% of its U.S. Treasury holdings, indicating a strategic shift in response to U.S. economic fundamentals and geopolitical tensions [6][8]. - The reduction in U.S. Treasury holdings is part of a broader strategy to diversify foreign exchange reserves, with gold becoming a key asset, as China's gold reserves reached 2,304.4 tons, marking a continuous increase over 12 months [8][10][11]. Group 2: Japan and the UK's Position - Japan and the UK have collectively increased their U.S. Treasury holdings by over $200 billion, with Japan's holdings reaching $1.1893 trillion, making it the largest foreign holder of U.S. debt [3][14]. - Japan's increase in holdings is seen as a passive response to its geopolitical ties with the U.S., while the UK has actively increased its holdings by $124.8 billion in nine months, reflecting a strategic alignment with U.S. interests [14][16][17]. - Despite the increases from Japan and the UK, their combined holdings only account for 5.4% of the total U.S. Treasury market, highlighting the limited impact on the overall debt situation [19]. Group 3: U.S. Debt Situation - As of September, foreign investors hold $9.249 trillion in U.S. Treasuries, which is only 24.3% of the total, indicating a shift towards domestic consumption of U.S. debt [20]. - The Federal Reserve's policies, including potential future actions to expand its balance sheet, are critical factors influencing the U.S. Treasury market, with concerns about the sustainability of the "debt-for-debt" model [20][22]. - The rapid increase in U.S. debt from $36 trillion to $38 trillion in just nine months raises concerns among global investors about the long-term viability of U.S. Treasuries [22][24].