美国前三大“债主”，齐出手

Core Viewpoint - The U.S. Treasury Department's TIC report reveals a significant reduction in U.S. Treasury holdings by major foreign creditors, indicating a shift in investment strategies and potential concerns regarding U.S. economic policies [1][2]. Group 1: Foreign Holdings Reduction - 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 [1]. - The top three foreign holders—Japan, the United Kingdom, and China—each decreased their 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 Trends - The overall reduction in U.S. Treasury holdings is attributed to factors such as the rapid expansion of federal debt, unclear Federal Reserve policy, and ongoing trade tensions under the Trump administration [5]. - Despite a net buying trend from foreign 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 market concerns [5]. Group 3: Shift in Investment Preferences - U.S. Treasury Secretary has countered "de-dollarization" claims, asserting that U.S. economic policies enhance its status as a global capital destination [6]. - Investment managers indicate that geopolitical instability has not led to a mass sell-off of U.S. assets, but there is a growing trend towards diversifying investments away from U.S. assets, described as a "quiet" sell-off of U.S. bonds [6]. - Gold is increasingly becoming a focus for global central bank reserves, with the IMF reporting that the dollar's share in global foreign exchange reserves has fallen below 60%, the lowest in decades [6].