In recent years, a growing number of countries have been gradually reducing their holdings of U.S. Treasury securities—a trend drawing significant global attention. Major holders such as China, Japan, Russia, and Saudi Arabia have all decreased their U.S. debt positions at various points. This shift stems from multiple factors: escalating geopolitical tensions are prompting nations to diversify their asset allocations and reduce reliance on dollar-denominated assets; meanwhile, America’s persistently high fiscal deficits, recurring debt ceiling crises, and market volatility caused by the Federal Reserve’s aggressive interest rate hikes have eroded the perceived safety of U.S. Treasuries. Additionally, a quiet wave of de-dollarization is gaining momentum worldwide, with some countries promoting local currency settlements or increasing gold reserves to bolster financial sovereignty. Although the U.S. Treasury market remains vast and highly liquid—making it difficult to replace in the short term—the sustained sell-off could profoundly impact the U.S. dollar’s dominance and reshape the global financial landscape. If more nations join this trend, it may accelerate structural changes in the international monetary system.
近年来，全球多个国家正逐步减持美国国债，这一趋势引发广泛关注。从中国、日本到俄罗斯、沙特等主要美债持有国，纷纷在不同时间点减少其持有的美债规模。这一现象背后有多重原因：一方面，地缘政治紧张局势加剧，促使部分国家寻求资产配置多元化，降低对美元资产的依赖；另一方面，美国财政赤字持续扩大、债务上限问题频发，以及美联储激进加息带来的市场波动，也削弱了美债作为“安全资产”的吸引力。此外，去美元化浪潮在全球范围内悄然兴起，一些国家尝试推动本币结算或增持黄金等替代资产，以增强金融自主性。尽管美债市场体量庞大、流动性强，短期内仍难以被完全替代，但持续的抛售趋势可能对美元地位和全球金融格局产生深远影响。未来，若更多国家加入减持行列，或将加速国际货币体系的结构性调整。
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