Recently, central banks around the world have been on a buying spree of U.S. Treasury securities, while China has taken the opposite approach—continuously selling off its holdings. This divergence has drawn significant attention. Data shows that since 2023, countries like Japan, the United Kingdom, and India have substantially increased their U.S. Treasury holdings, whereas China’s holdings have dropped to their lowest level in nearly 14 years.There are three main reasons behind China’s large-scale sell-off: First, Beijing is advancing a strategy of diversifying its foreign exchange reserves to reduce reliance on a single asset class. Second, amid heightened tensions in U.S.-China relations, China aims to lower its exposure to the U.S. financial system to enhance economic security. Third, during the Federal Reserve’s interest rate hiking cycle, U.S. Treasury prices have become more volatile, prompting China to gradually reduce its holdings for asset preservation and risk management.It’s worth noting that despite these sales, China remains the second-largest holder of U.S. Treasuries, indicating that its actions reflect strategic rebalancing rather than a complete exit. This shift also underscores a broader transformation in global capital flows, as nations reassess their overseas asset allocations amid growing geopolitical and economic uncertainties.
近期，全球多国央行掀起了一轮增持美国国债的热潮，而中国却反其道而行之，持续减持美债。这一现象引发广泛关注。数据显示，2023年以来，日本、英国、印度等国大幅增持美债，而中国持有的美债规模已降至近14年来的低点。中国“大甩卖”美债的原因主要有三方面：一是外汇储备多元化战略的推进，降低对单一资产的依赖；二是中美关系紧张背景下，减少对美国金融体系的敞口，以增强经济安全；三是美联储加息周期中，美债价格波动加大，中国出于资产保值和风险控制考虑，选择逐步减持。值得注意的是，尽管中国在减持美债，但仍是美债第二大持有国，表明其减持是策略性调整，而非彻底退出。此举也反映了全球资本格局正在经历深刻变化，各国在地缘政治与经济不确定性加剧的背景下，重新评估其海外资产配置策略。
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