Recently, global capital has been quietly ‘selling off the U.S.,’ a trend drawing widespread attention. Data shows that since 2023, foreign investors have significantly slowed their net purchases of U.S. Treasury bonds, equities, and other financial assets, with some countries even recording consecutive months of U.S. debt reductions. Several factors underlie this shift: first, while the Federal Reserve’s sustained interest rate hikes initially attracted inflows, persistently high rates have also increased borrowing costs, diminishing the long-term appeal of U.S. assets; second, geopolitical tensions, America’s expanding fiscal deficit, and recurring debt ceiling crises have heightened international concerns about the safety of dollar-denominated assets; third, as economies in Europe and Asia gradually recover, diversified investment strategies are redirecting capital toward emerging markets with stronger growth potential. Notably, this ‘de-dollarization’ is not an abrupt break but part of a broader structural realignment in global asset allocation. Although the U.S. dollar remains dominant, its hegemony is increasingly challenged. If the U.S. fails to effectively manage its debt risks and restore policy credibility, the trend of global capital ‘voting with its feet’ could accelerate further.
近期，全球资本正悄然“抛售美国”——这一趋势引发广泛关注。数据显示，2023年以来，外国投资者对美国国债、股票及其他金融资产的净买入持续放缓，部分国家甚至出现连续数月减持美债的情况。这一现象背后有多重原因：首先，美联储持续加息虽一度吸引资金流入，但高利率也推高了融资成本，削弱了美国资产的长期吸引力；其次，地缘政治紧张、美国财政赤字扩大以及债务上限问题频发，加剧了国际市场对美元资产安全性的担忧；再者，随着欧洲、亚洲等地区经济逐步复苏，多元化投资策略促使资本流向更具增长潜力的新兴市场。值得注意的是，这种“去美元化”并非一蹴而就，而是全球资产配置结构性调整的一部分。尽管美元仍占据主导地位，但其霸权正面临挑战。未来，若美国无法有效控制债务风险并恢复政策可信度，全球资本“用脚投票”的趋势或将进一步加速。
原创文章，作者：admin，如若转载，请注明出处：https://avine.cn/22065.html