减持！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][3]. 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 [1][3]. - 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]. - Other notable reductions included Norway ($10.8 billion), France ($7.2 billion), and several countries like the Cayman Islands, Switzerland, and Germany, each reducing their holdings by over $6 billion [3][4]. Group 2: Market Dynamics and Trends - Despite a net buying trend from overseas investors, there is a noticeable structural shift, with significant sell-offs from entities like Denmark's pension fund and the Netherlands' largest pension fund, raising market concerns [4]. - The U.S. Treasury market is under pressure due to factors such as the rapid expansion of federal debt, ambiguous Federal Reserve policies, and ongoing trade threats from the Trump administration [4]. - There is a growing trend of diversification away from U.S. assets, with capital flowing to other regions, as indicated by comments from investment leaders seeking to reduce U.S. bond exposure [7]. Group 3: Shift to Alternative Assets - Gold is increasingly becoming a focal point for global central bank reserves, with the International Monetary Fund reporting a decline in the dollar's share of global foreign exchange reserves below 60%, the lowest in decades [7]. - In 2025, global central bank gold purchases remained high, with official institutions adding 863 tons of gold, and approximately 95% of central banks expect to continue increasing their gold holdings in the future [8].