2026년 2월 9일 · Unknown · financial · 출처 Seeking Alpha
[National Debt]
Douglas Rissing
Chinese regulators have urged major financial institutions to curb their exposure to U.S. Treasuries, citing concerns over concentration risk and market volatility, _Bloomberg_ reported, citing people familiar with the matter.
Officials advised banks to limit new purchases of U.S. government bonds and asked institutions with large existing positions to gradually reduce their holdings, the sources said. The guidance, delivered in recent weeks to some of the country’s largest banks, does not apply to China’s state holdings of U.S. Treasuries.
The guidance was framed as a risk-diversification measure, not as a geopolitical signal or a loss of confidence in U.S. creditworthiness, the people said, adding that officials didn’t give any specific target on size or timing.
Chinese banks held about $298B in dollar-denominated bonds as of September, according to data from the State Administration of Foreign Exchange, though the share made up of U.S. Treasuries remains unclear.
Treasuries extended losses on the report, with yields on benchmark Treasuries up as much as four basis points to 4.25% after trading around 4.22% earlier, while those on 30-year notes rose three basis points to 4.88%.
The move reflects growing concern among policymakers that heavy exposure to U.S. debt could leave banks vulnerable to sharp market swings, echoing similar debates globally over the safe-haven status of U.S. government bonds and the dollar.
Despite talk among some investors of “quiet quitting” or selling America, there is little evidence of market panic over foreign Treasury selling or a broad loss of confidence in the traditional safe-haven asset. A key gauge of Treasury market volatility has fallen to a five-year low.
At the same time, foreign holdings of U.S. Treasuries rose to a record $9.4T in November, more than $500B higher than a year earlier, according to the latest official data.
U.S. TREASURIES: U.S. 2-Year Bond Yield (US2Y [https://seekingalpha.com/symbol/US2Y#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]), U.S. 5-Year (US5Y [https://seekingalpha.com/symbol/US5Y#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]), U.S. 10-Year (US10Y [https://seekingalpha.com/symbol/US10Y#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]), and U.S. 30-Year (US30Y [https://seekingalpha.com/symbol/US30Y#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]). Investors can also track bond ETFs, here [https://seekingalpha.com/etfs-and-funds/etf-tables/bonds#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews].
Major U.S. stock indices (sensitive to debt/economic concerns): (SPY) [https://seekingalpha.com/symbol/SPY], (QQQ [https://seekingalpha.com/symbol/QQQ]), (DIA [https://seekingalpha.com/symbol/DIA]). Volatility indicator (VIX [https://seekingalpha.com/symbol/VIX]).
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