Margaret Scott

美长期享受廉价融资时代可能一去不复返

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北京 – 根据美国财政部日前公布的国际资本流动(TIC)报告,4月份海外投资者共抛售545亿美元长期美国国债,规模创历史纪录。尽管作为美国最大债权国的中国4月也减持54亿美元美国国债,但总持有量占所有海外持有者比例却升至22.1%,依然遥遥领先。

一直以来全球资本都对美国国债青睐有加。从市场深度和流动性来看,美国国债二级市场存量达到6万亿美元以上,可以满足全球源源不断的资金投资需求。美国似乎从来不担心美债被抛售,是因为美债已经把债务人和债权人牢牢绑在了一起。在美国的国债构成之中,除政府外的其他部门持有约40%,美国居民持有约30%,外国投资者持有约30%。世界上大多数通过资源出口和商品出口积累贸易盈余的新兴国家,都积极购买美债,这大大压低了美国长期融资成本。

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