中国连续4个月减持美债，全球单月抛884亿！美债突遭"抛弃"原因何在？

Core Viewpoint - The latest report from the U.S. Treasury Department indicates a significant reduction in U.S. Treasury holdings by most countries as of December 2025, highlighting a trend of divestment from U.S. debt instruments [1]. Group 1: Country-Specific Actions - Japan, the only non-U.S. country holding over $1 trillion in U.S. Treasuries, reduced its holdings by $17.2 billion in December, bringing its total to $1,185.5 billion [3]. - The United Kingdom, as the second-largest foreign holder, decreased its holdings by $23 billion to $866 billion, marking a notable shift [3]. - China continued its trend of reduction, slightly decreasing its holdings by $400 million to $683.5 billion, marking four consecutive months of net selling [3]. Group 2: Overall Market Trends - In December, the top ten foreign holders of U.S. Treasuries saw only Luxembourg and Ireland increase their holdings, while the remaining eight countries collectively sold off $88.4 billion in U.S. debt, resulting in total foreign holdings dropping below $9.3 trillion [4]. - The overall market experienced a net sell-off of $88.4 billion in U.S. Treasuries in December, indicating a broader trend of divestment among foreign entities [4]. Group 3: Underlying Factors for Divestment - A primary driver for the large-scale reduction in U.S. Treasury holdings is the "passive divestment" effect caused by fluctuations in Treasury prices, which have been impacted by rising yields leading to a decrease in market value [5]. - The rising gold prices have prompted central banks to adjust their reserve structures, leading some countries to sell U.S. Treasuries to fund gold purchases, indicating a shift in asset allocation [7]. - Political factors, particularly tensions between the U.S. and its traditional allies since the Trump administration, have influenced countries like the UK and Canada to reduce their U.S. Treasury holdings as a form of silent protest [9]. Group 4: Implications for U.S. Treasury Market - The U.S. Treasury Secretary faces a dual challenge of reconciling the Trump administration's policies with the dissatisfaction of allies while maintaining the attractiveness of U.S. debt [11]. - The current situation in the U.S. Treasury market is characterized by unprecedented complexities, with price volatility, asset substitution, and political dynamics affecting decision-making regarding foreign holdings [11]. - The ongoing "defense of U.S. Treasuries" will not only impact U.S. fiscal health but also reshape the new order of international capital flows, with upcoming reports expected to provide further insights [13].