美债遭前三大海外“债主”减持 中国一年净卖出755亿美元

Core Viewpoint - The U.S. Treasury Department's TIC report for December 2025 indicates a significant reduction in U.S. Treasury holdings by major foreign investors, with a total decrease of $88.4 billion to $9.27 trillion from the previous month's record high of $9.36 trillion [1] Group 1: U.S. Treasury Holdings - Major foreign holders of U.S. debt, including Japan, the UK, and mainland China, reduced their holdings by $17.2 billion, $23 billion, and $400 million respectively in December [1] - Japan's U.S. Treasury holdings decreased to $1.1855 trillion, while mainland China's holdings fell to $683.5 billion, marking a widening gap of $502 billion between the two [3] Group 2: Trends in Foreign Investment - Japan's net purchases of U.S. Treasuries for 2025 amounted to $124 billion, despite a significant reduction in December [2] - Mainland China has maintained a steady reduction in U.S. Treasury holdings, with a cumulative net sale of $75.5 billion in 2025, contributing to an increasing disparity with Japan's holdings [3] Group 3: Global Reserve Trends - The World Gold Council reported that as of November 2025, global official gold reserves exceeded 900 million ounces, valued at $3.93 trillion, surpassing U.S. Treasuries as the largest reserve asset for the first time in 30 years [5] - China's foreign exchange reserves rose to $33,579 billion by the end of December 2025, with a continuous increase in gold reserves for 14 consecutive months [5] Group 4: Capital Flows - In December 2025, the U.S. experienced a net inflow of $44.9 billion in overseas capital, with individual investors contributing $32.7 billion and official institutions adding $12.2 billion [5] - Foreign investors net purchased $62.9 billion in U.S. long-term securities during the same month, with individual investors accounting for $55.7 billion of this total [6]