全球抛美债潮来袭！中国净买4600亿，为何还减持4亿？

Core Viewpoint - The article discusses the contrasting actions in the global bond market, highlighting China's significant net purchase of US Treasury bonds while also reporting a slight reduction in its holdings, raising questions about the apparent contradiction in these actions [1][3]. Group 1: Global Bond Market Trends - A global trend of selling US Treasury bonds has emerged, with countries like Japan and the UK reducing their holdings, leading to a significant drop in bond prices and a spike in yields [3]. - In December 2025, the global reduction in US Treasury holdings approached $90 billion in a single month, indicating a widespread "flight from US bonds" sentiment [3]. Group 2: China's Actions Explained - China reported a net purchase of $460.7 billion in medium to long-term US Treasury bonds, significantly outpacing other buyers, despite a reported reduction of $4 million in total holdings, which fell to $683.5 billion [3]. - The net purchase figure reflects transaction flow, with $570.6 billion in purchases and $109.9 billion in sales of maturing short-term bonds, indicating a strategic increase in long-term bond holdings [3]. - The reduction in holdings is attributed to a decline in market prices, resulting in a decrease in the book value of the bonds held, rather than an active sale of assets [3]. Group 3: Strategic Rationale Behind China's Bond Purchases - China's strategy involves a clear logic of managing foreign exchange reserves, favoring medium to long-term bonds for their stability while allowing short-term bonds to mature [4]. - The long-term trend shows a significant reduction in US Treasury holdings from a peak of $1.32 trillion in 2013 to under $700 billion now, reflecting a diversification strategy that includes increasing gold reserves [4]. - The apparent contradiction between short-term net purchases and long-term reductions is framed as a tactical approach to managing foreign exchange, emphasizing a balanced and flexible strategy rather than a simplistic buy-or-sell decision [4].