10月份海外美债持仓回落，中国持仓量降至2008年来最低

Core Viewpoint - The latest data from the U.S. Treasury reveals a divergence in the actions of the two largest foreign holders of U.S. debt, with Japan increasing its holdings while China continues to reduce its investments [1][3]. Group 1: U.S. Debt Holdings - As of October, Japan's holdings of U.S. debt rose from $1.189 trillion (approximately 8.37 trillion RMB) in September to $1.2 trillion (approximately 8.45 trillion RMB) [1]. - In contrast, China's holdings decreased from $700.5 billion (approximately 4.93 trillion RMB) in September to $688.7 billion (approximately 4.85 trillion RMB), marking the lowest level since 2008 [3][5]. - Overall, foreign investors held a total of $9.24 trillion (approximately 65.06 trillion RMB) in U.S. debt, a slight decrease of $58 billion (approximately 408.4 billion RMB) [1][3]. Group 2: Market Reactions and Trends - The U.S. debt market index indicates that U.S. debt prices have risen for three consecutive months as of October [1]. - Despite concerns about foreign investors potentially selling U.S. assets, U.S. Treasury Secretary Janet Yellen has refuted claims of a significant "sell-off" of U.S. debt, attributing market declines to "de-leveraging" rather than foreign intervention [4]. - Analysts suggest that the current trends indicate a lack of "selling off" and more of a "hedging against the U.S.," predicting that the dollar may continue to weaken and U.S. debt yields will likely remain stable [4]. Group 3: Other Foreign Holdings - Belgium's holdings of U.S. debt surged from $1.6 billion to $468.4 billion (approximately 3.30 trillion RMB) in October, likely due to concentrated custody channels [3]. - Canada also reduced its holdings by $56.7 billion to $419.1 billion (approximately 2.95 trillion RMB), with significant fluctuations observed throughout the year [3].