在关税冲突中，中国减少了美国债务的接触

在持续的贸易战中，中国愿意减少其在美国债务中的某些立场。 3月，美国财政部透露，中国将其美国财政部的持股减轻了189亿美元。

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.

美国财政部周一透露，中国在三月份减少了美国债务的风险，售出了近190亿美元的国债。

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.

随着两国之间的贸易冲突恶化，对这些资产的潜在用作在贸易战背景下的武器引起了人们的担忧。

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.

同时，日本是美国国库中最大的持有人，也受到关税战争影响的英国，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.

由于一些中国分析师对美国国家资产在美国的安全表示担忧，考虑到由于美国债务不断升高，因此，这些投资组合偏好的这些变化是出于担心其国家资产的安全性。

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，中国的美国债务持有量从2月的7843亿美元下降到7654亿美元，在最高持有人中排名第三，落后于英国

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.

同时，日本将其美国财政部持有提高到101.8亿美元，成为连续第三个月的美国债务持有人。

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.

这些转变发生在贸易战达到新高度时，特朗普政府对价值2100亿美元的中国商品征收100％的关税，实际上是对从中国所有主要进口类别的事实进行禁运。

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

此外，政府威胁要对另外3000亿美元的商品征收关税，从而有效地涵盖了所有剩余的进口。

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

这笔2100亿美元股票的关税定于3月1日生效，但最终面临短暂的延迟。

“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.

中国中央银行的前顾问Yu Yongding表示：“中国必须通过重复的方案计划来维护其资产的安全并有效地对美国采取的任何措施做出反应。”

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.

当时，一些分析师指出，如果外国主要中央银行（例如中国和日本）决定大大减少其美国债务持有，那么美国可能会努力筹集资金以资助其预算赤字。

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，他们还指出，这些外国官方机构在美国国库证券的投资决策受经济和金融因素的指导，并且预计不会采取任何行动，这些行动可能会进一步升级贸易或货币市场的波动。

“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.’

穆迪在一份声明中说：“降级反映了政府债务和利息支付比率达到的水平的增长，其水平明显高于同样评级的主权人。”

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，在贸易战争开始时，中国将其债务持有量增加了200亿美元，这使一些人期望相反，因为从亚洲国家进口的第一套单方面关税被宣布，后来又升级了。

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，国际金融研究所的报告表明，随着贸易紧张局势的加剧，外国投资者在11月出售了创纪录的美国股票和债券。

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.

根据该报告，外国投资者出售了1,210亿美元的净股票和债券，记录下的每月减少最大，并且比10月的销售额显着增加了400亿美元。

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.

这种销售压力在美国国库券市场上很明显，在全球金融危机的鼎盛时期，外国投资者在11月出售了880亿美元的净净资金，这是2008年3月以来每月最大的减少。

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