全球美债持仓创历史新高，中国逆势减持，创2008年来最低

Core Insights - China has reduced its holdings of US Treasury bonds to the lowest level since 2008, with a decrease of $6.1 billion in November, bringing the total to $682.6 billion, marking a nearly 10% decline since January 2022 [1][2][5] - In contrast, foreign holdings of US Treasury bonds reached a historical high in November, with an increase of $112.8 billion, totaling $9.36 trillion [1][3] - Other countries, including Japan, the UK, Canada, Norway, and Saudi Arabia, have increased their holdings of US Treasury bonds, indicating a divergence in investment strategies compared to China [3][4] Group 1: China's Treasury Holdings - China's US Treasury bond holdings decreased to $682.6 billion in November, the lowest since 2008, reflecting a continuous decline since the beginning of Trump's first term [2][5] - The reduction in holdings is attributed to concerns over the sustainability of US debt and potential political influences on the Federal Reserve [5] Group 2: Foreign Investment Trends - Foreign investors increased their holdings of US Treasury bonds, with Japan and the UK both raising their positions by $2.6 billion and $10.6 billion, respectively [3] - Canada saw a significant increase of $53.1 billion in its holdings, while Norway and Saudi Arabia also added $25.2 billion and $14.4 billion, respectively [4] Group 3: Strategic Shifts in Asset Allocation - Analysts suggest that China may continue to adjust its strategic reserve allocation, potentially shifting towards gold, non-US dollar currencies, and overseas equity investments [5] - China's gold reserves reached 7.415 million ounces (approximately 2306.323 tons) by the end of December, marking a continuous increase for 14 months [6]