Group 1: U.S. Treasury Bond Market Dynamics - In April, foreign holdings of U.S. Treasury bonds reached $9.01 trillion, a decrease of $36 billion from March, with Japan and the UK increasing their holdings by $3.7 billion and $28.4 billion respectively, while China reduced its holdings by $8.2 billion to $757 billion, the lowest since 2009 [1][4][5] - The market initially speculated a large-scale sell-off of U.S. Treasury bonds by foreign official capital due to the U.S. tariff measures, but the latest TIC data indicated a relatively mild sell-off [1][2] - The 10-year U.S. Treasury yield rose from 3.86% to 4.59% in April, prompting some overseas capital to view this as an opportunity to buy at lower prices for higher yields [2][4] Group 2: Investment Strategies of Foreign Official Capital - Foreign official capital is adopting a "buy short, sell long" strategy, leading to a decrease in long-term U.S. Treasury holdings while short-term bonds are being retained [3][5] - Concerns over the sustainability of U.S. Treasury bonds due to rising fiscal deficits are causing a decline in long-term confidence among foreign official capital [3][5] - The reduction in Canadian holdings by $57.8 billion in April is seen as a response to U.S. pressures, while China's reduction is attributed to diversification of foreign exchange reserves [5][6] Group 3: Global Central Banks and Gold Reserves - Central banks are increasingly viewing gold as a strategic asset, with expectations that gold will account for 20% of global official reserves by 2024, surpassing the euro [7][8] - Approximately 95% of surveyed central banks anticipate continuing to increase their gold reserves in the next 12 months, reflecting a growing preference for gold amid economic and geopolitical uncertainties [8][9] - The motivations for increasing gold reserves include its long-term value storage function, portfolio diversification, and stable performance during crises [8][9]