美国前三大“债主”，齐出手！

Core Viewpoint - The December 2025 TIC report reveals significant reductions in U.S. Treasury holdings by major foreign holders, indicating a shift in investment strategies among global investors [1][2]. Group 1: Major Foreign Holders' Actions - In December 2025, 14 major countries and regions collectively reduced their U.S. Treasury holdings by $88.4 billion, bringing the total foreign holdings down to $9.27 trillion [2]. - The top three foreign holders—Japan, the United Kingdom, and China—each decreased their U.S. Treasury holdings, with Japan reducing by $17.2 billion to $1.1855 trillion, the UK by $23 billion to $866 billion, and China by $0.4 billion to $683.5 billion, marking its lowest level since 2008 [3][4]. Group 2: Broader Market Implications - The overall reduction in U.S. Treasury holdings is attributed to factors such as the rapid expansion of federal debt, ambiguous Federal Reserve policies, and ongoing trade tensions under the Trump administration [5]. - Despite a net buying trend from overseas investors, there is a notable structural divergence, with significant sell-offs from entities like Denmark's pension fund and the Netherlands' largest pension fund, raising concerns in the market [5]. Group 3: Shift in Investment Preferences - U.S. Treasury securities are facing pressure as global investors seek diversification, with some describing the trend as a "quiet" sell-off of U.S. bonds [6]. - There is a growing preference for gold among central banks, with the IMF reporting that the dollar's share in global foreign exchange reserves has fallen below 60%, the lowest in decades, while central banks increased gold purchases by 863 tons in 2025 [6].