在關稅衝突中，中國減少了美國債務的接觸

在持續的貿易戰中，中國願意減少其在美國債務中的某些立場。 3月，美國財政部透露，中國將其美國財政部的持股減輕了189億美元。

The U.S. Department of the Treasury disclosed on Monday that China decreased its exposure to U.S. debt in March, selling nearly $19 billion in Treasuries.

美國財政部周一透露，中國在三月份減少了美國債務的風險，售出了近190億美元的國債。

This reduction was recorded in March as the trade conflict between the two countries worsened, raising concerns about the potential use of these assets as a weapon in the context of a trade war.

隨著兩國之間的貿易衝突惡化，對這些資產的潛在用作在貿易戰背景下的武器引起了人們的擔憂。

At the same time, Japan, the largest holder of U.S. Treasuries, and the U.K., which is also affected by the tariff war, saw increases in their holdings.

同時，日本是美國國庫中最大的持有人，也受到關稅戰爭影響的英國，其股份增加了。

These changes in portfolio preferences come as some Chinese analysts have expressed worries about the safety of their country’s assets in the U.S., considering the possibility of a U.S. default on its debt due to the escalating tariff scenario.

由於一些中國分析師對美國國家資產在美國的安全表示擔憂，考慮到由於美國債務不斷升高，因此，這些投資組合偏好的這些變化是出於擔心其國家資產的安全性。

In March, China’s U.S. debt holdings decreased to $765.4 billion from $784.3 billion in February, falling to third place among the top holders, sliding behind the U.K.

3月，中國的美國債務持有量從2月的7843億美元下降到7654億美元，在最高持有人中排名第三，落後於英國

At the same time, Japan increased its U.S. Treasury holdings to $1.018 billion, becoming the largest holder of U.S. debt for the third month in a row.

同時，日本將其美國財政部持有提高到101.8億美元，成為連續第三個月的美國債務持有人。

These shifts occurred as the trade war reached new heights, with the Trump administration imposing a 100% tariff on $210 billion worth of Chinese goods, effectively a de facto embargo on all major categories of imports from China.

這些轉變發生在貿易戰達到新高度時，特朗普政府對價值2100億美元的中國商品徵收100％的關稅，實際上是對從中國所有主要進口類別的事實進行禁運。

Moreover, the administration threatened to impose tariffs on an additional $300 billion in goods, effectively covering all remaining imports from China.

此外，政府威脅要對另外3000億美元的商品徵收關稅，從而有效地涵蓋了所有剩餘的進口。

The tariffs on the $210 billion tranche were set to take effect on March 1, but ultimately, faced a brief delay.

這筆2100億美元股票的關稅定於3月1日生效，但最終面臨短暫的延遲。

“China must have a set of countermeasures through repeated scenario planning to safeguard the security of its assets and to effectively respond to any measures by the U.S.,” said Yu Yongding, a former adviser to China’s central bank, in an interview with the state-run Global Times in March.

中國中央銀行的前顧問Yu Yongding表示：“中國必須通過重複的方案計劃來維護其資產的安全並有效地對美國採取的任何措施做出反應。”

At the time, some analysts noted that the U.S. might struggle to raise funds to finance its budget deficit if major foreign central banks, such as those in China and Japan, decided to significantly reduce their U.S. debt holdings.

當時，一些分析師指出，如果外國主要中央銀行（例如中國和日本）決定大大減少其美國債務持有，那麼美國可能會努力籌集資金以資助其預算赤字。

However, they also pointed out that these foreign official institutions' investment decisions in U.S. Treasury securities are guided by economic and financial factors, and they are not expected to engage in any actions that could further escalate trade or currency market volatility.

但是，他們還指出，這些外國官方機構在美國國庫證券的投資決策受經濟和金融因素的指導，並且預計不會採取任何行動，這些行動可能會進一步升級貿易或貨幣市場的波動。

“The downgrade reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than those of similarly rated sovereigns,” said Moody’s in a statement downgrading the U.S. debt’s perfect credit rating from ‘AAA’ to ‘Aa1.’

穆迪在一份聲明中說：“降級反映了政府債務和利息支付比率達到的水平的增長，其水平明顯高於同樣評級的主權人。”

In February, at the start of the trade war, China increased its debt holdings by over $20 billion, surprising some who expected the opposite as the first set of unilateral tariffs on imports from the Asian country were announced and later escalated.

2月，在貿易戰爭開始時，中國將其債務持有量增加了200億美元，這使一些人期望相反，因為從亞洲國家進口的第一套單方面關稅被宣布，後來又升級了。

At the beginning of the year, a report by the Institute of International Finance indicated that foreign investors sold a record amount of U.S. stocks and bonds in November as trade tensions heightened.

在今年年初，國際金融研究所的報告表明，隨著貿易緊張局勢的加劇，外國投資者在11月出售了創紀錄的美國股票和債券。

According to the report, foreign investors sold a net $121 billion in U.S. stocks and bonds, the largest monthly reduction on record and a significant increase from October’s sales of $40 billion.

根據該報告，外國投資者出售了1,210億美元的淨股票和債券，記錄下的每月減少最大，並且比10月的銷售額顯著增加了400億美元。

This selling pressure was evident in the U.S. Treasury securities market, where foreign investors sold a net $88 billion in November, the largest monthly reduction since March 2008, at the height of the global financial crisis.

這種銷售壓力在美國國庫券市場上很明顯，在全球金融危機的鼎盛時期，外國投資者在11月出售了880億美元的淨淨資金，這是2008年3月以來每月最大的減少。

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