美债持仓，新变化

Core Viewpoint - Foreign investors' holdings of US Treasury bonds decreased to $9.249 trillion in September from $9.2662 trillion in August, indicating a net sell-off of US Treasuries by foreign investors during this period [4]. Group 1: Foreign Holdings of US Treasuries - Japan increased its holdings of US Treasuries to $1.189 trillion in September, with an increase of $8.9 billion, following an increase of $29 billion in August [4]. - The UK saw a rare decrease in its US Treasury holdings, dropping by $39.3 billion to $865 billion, maintaining its position as the second-largest holder [4]. - China's holdings of US Treasuries decreased slightly from $701 billion in August to $700.5 billion in September [5]. Group 2: Market Dynamics and Currency Impact - The decline in foreign holdings is influenced by the net buying and selling activities as well as price changes, with the Bloomberg US Treasury Index showing an upward trend during August and September [4]. - The weakening of the Japanese yen against the US dollar may have prompted Japanese investors to purchase more US Treasuries, reflecting a cautious attitude towards Japanese bonds [9]. - The widening interest rate differential between the US and Japan, following the Bank of Japan's decision to maintain its benchmark interest rate at 0.5%, has further accelerated the depreciation of the yen [9]. Group 3: Central Bank Actions and Gold Holdings - The People's Bank of China has been increasing its gold reserves, which reached 74.06 million ounces (approximately 2,303.523 tons) by the end of September, up by 40,000 ounces from August [11]. - Analysts suggest that the trend of diversifying foreign exchange reserves may lead to a continued gradual decrease in China's holdings of US Treasuries, as countries seek to diversify their assets amid rising gold prices [12]. - The long-term outlook indicates a weakening of the US dollar's credit, enhancing gold's monetary attributes, with central banks regularly purchasing gold as a sign of optimizing international reserves [13].