“抛售美国”谎言破灭？外国资金回流美债，获配比例飙升至近三年新高！

Group 1 - The core viewpoint of the article highlights that the allocation ratio of foreign buyers in U.S. Treasury auctions has been increasing, alleviating concerns about the loss of the safe-haven status of U.S. Treasuries and the impact of large fiscal deficits on foreign investments [1][4] - According to TD Securities' analysis, in January, the allocation ratio for foreign and international accounts in Treasury auctions reached approximately 19%, marking a three-year high. This ratio had previously peaked at nearly 25% in early 2022 but declined to below 10% by November 2024 [1][4] - The report indicates that the increase in foreign account allocations is broad-based, suggesting that the narrative of a "sell America" trend may be more of a market story than reality [4] Group 2 - Despite a significant sell-off of $53 billion in U.S. Treasuries by foreign investors following tariff announcements in April 2025, they subsequently increased their holdings by $354 billion by November of the same year [4] - The participation of foreign investors in Treasury auctions notably increased in November and December, driven by the expansion of the term premium, which is the additional yield of 10-year Treasuries over shorter-term bonds [4][6] - The upcoming auction of $58 billion in three-year Treasuries and the issuance of 10-year and 30-year bonds may further influence foreign investment behavior, as a lack of alternative assets could compel investors to continue holding U.S. dollar assets [7]