Overseas official investors have continued to reduce holdings of US Treasury bonds for the first time in 12 years below $ 1 trillion

Reporter Zhu Baochen, a trainee reporter Han Yu on July 18, local time, the Ministry of Finance of the United States announced the May International Capital Flow Report (hereinafter referred to as the "Report"). The "Report" shows that the size of US long -term securities assets (including US Treasury, institutional bonds, corporate bonds, etc.) held by overseas official investors decreased by 8.3 billion US dollars. Among them, U.S. Treasury bonds have been minimized, and the scale has decreased by 33.7 billion US dollars from the previous month, a record low in one year. China and Japan, as the largest U.S. Treasury holdings, also continued to reduce positions in May. After this reduction, China's US debt holdings fell below $ 1 trillion, renewing a new low since May 2010. Chen Li, chief economist of Chuancai Securities and Director of the Institute, said in an interview with the Securities Daily reporter that overseas official investors including China and Japan continue to reduce their holdings of US Treasury bonds. On the one hand With limited consideration of upward space, when the US economy's "recession" is expected to be strengthened, the holding of holdings should be reduced to avoid the risk of future price declines. On the other hand, due to the recent support for the Fed's radical interest rate hike, for official overseas investors, the cost of holding US Treasury bonds has increased, which has caused reduction. As the second largest overseas holding country in the U.S. Treasury bonds, my country has reduced its positions of US $ 22.6 billion in May, reducing positions for 6 consecutive months. About 9%. "In fact, major central banks around the world are reducing U.S. Treasury bonds." Liang Si, a researcher at the Bank of China Research Institute, said in an interview with the Securities Daily that in May, except for the increase in some countries such as the United Kingdom and Switzerland, Most overseas official investors have reduced their holdings to different degrees. With the same view of Chen Li, Liang Si also believes that the main central bank has reduced holdings of U.S. Treasury bonds. It has both the diversified consideration of asset allocation and the need for risk prevention. At the same time, he also added that, with the continuous interest rate hike of the Fed, US Treasury bond yields rose rapidly, and the 10 -year US Treasury yield once broke through 3%, and the rapid upward upward upward increase in return. Holders or losses for impairment of assets are one of the reasons for reducing holdings. It is worth noting that, unlike overseas official institutions reduced their holdings, overseas private investors significantly increased their holdings of US $ 140.8 billion in long -term US securities assets in May, of which US Treasury bonds accounted for US $ 133.9 billion. Regarding these two opposite operations, Liang Si said that it is mainly due to the differences between the risk preferences and investment styles of overseas official institutions and overseas private investors. "Most of the overseas official institutions are risk aversion, and their investment attitude is relatively cautious, so most of them are reduced their holdings of US dollar assets. Most overseas private investors are risk preferences. Many private investors may think that US dollar asset prices have reached the low level, so they will adopt it. The "Battle of the bottom" strategy is bought in large quantities. "Liang Si analyzed. Although overseas official investors and overseas private investors hold different attitudes towards U.S. Treasury bonds, the "Report" data shows that the two are not optimistic about U.S. stocks as a whole. In May, a total of US $ 9.15 billion in US companies' stocks were sold, which has further expanded from the 7.04 billion US dollars in April, which has been sold for 5 consecutive months. Chen Li analyzed that in the case of the tightening of the liquidity of overseas markets and a significant decline in the U.S. stock market, the market risk aversion was heating up, and the attraction of US Treasury bonds was improved. one.

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