丹麦养老基金减持美债，全球金融市场波动加剧

Core Insights - Danish pension fund AkademikerPension plans to liquidate all its holdings in U.S. Treasury bonds, amounting to approximately $100 million, by the end of January, citing concerns over U.S. policy credit risk and fiscal sustainability [1] - The overall Danish holdings in U.S. Treasuries have decreased to about $9.88 billion, nearly halving since early 2020, with other funds like ATP and PFA also adjusting their bond allocations to mitigate risk [1][2] Market Trends - These divestment actions have intensified the volatility of U.S. long-term Treasury yields and have prompted Nordic investors to shift towards safe-haven assets such as the euro, Swiss franc, and gold [2] - Danish institutional investors are projected to net sell approximately $1.5 billion in U.S. Treasuries by 2025, bringing their holdings to the lowest level since 2020 [2] Industry Policy and Environment - As the largest external creditor to the U.S., Europe holds about $3.3 trillion in U.S. Treasuries, and Denmark's divestment is part of a broader reassessment of U.S. asset risks by European institutions [3]