China was a heavy seller of US Treasury debt in August after Standard and Poor’s downgraded the country’s triple A credit rating, according to monthly data released on Tuesday by the Treasury. | 根据美国财政部周二发布的月度数据，中国在8月份出售大量美国国债，此前标准普尔(Standard and Poor’s)下调了美国的AAA信用评级。 |
But foreign demand for US stocks, bonds and other financial assets surged in August as investors focused on buying Treasuries as a haven investment. The eurozone debt crisis and a sharp fall in global equities outweighed any impact on demand from S&P cutting the US credit rating one notch to double A+ in early August. Large purchases of US Treasury securities came from investors in the UK, Switzerland, Japan and Caribbean banking sectors, which are favoured by hedge funds. | 但是，外国投资者对美国股票、债券和其它金融资产的需求在8月份飙升，投资者尤其热衷于买入美国国债，视其为一种避险投资。8月初，标普将美国的信用评级下调一级，至AA+。但就美国国债面临的需求而言，欧元区债务危机和全球股市大幅下滑的影响，超出了美国评级遭调降的影响。来自英国、瑞士、日本的投资者，以及对冲基金爱用的加勒比地区银行业，大量买入美国国债。 |
“The flows reinforce the safe-haven appeal that US Treasuries continue to enjoy, even if the turmoil was being driven in part by concerns about the quality of these assets,” said Millan Mulraine, analysts at TD Securities. | “这些流动强化了美国国债继续享有的避险吸引力，尽管动荡在一定程度上正是由人们担忧此类资产的质量驱动的，”道明证券(TD Securities)分析师穆连恩(Millan Mulraine)表示。 |
The outlier was China, which sold $36.5bn in Treasuries, with sales of $40bn in longer-dated coupons taking the country’s holdings down to $1,137bn, the lowest in a year. That still left China as the largest foreign holder of Treasuries followed by Japan at $936.6bn, up from $914.8bn in July. | 中国是一个例外。当月中国出售了365亿美元的美国国债，其中较长期国债的出售达到400亿美元，中国的持有总量由此降至1.137万亿美元，是一年来最低的。中国仍是美国国债的最大海外持有者，第二位是日本，其8月份持有总量达到9366亿美元，高于7月份的9148亿美元。 |
UK Treasury holdings rose $42.5bn in August to $397.2bn, up from $181bn over the past year. But given London’s status as a financial centre, such flows may reflect purchases from other countries and in the past UK holdings have dropped sharply in favour of China when the Treasury has annually revised Tic data. | 英国的美国国债持有总量在8月份增加425亿美元，至3972亿美元，而一年前为1810亿美元。但是，鉴于伦敦作为一个金融中心的地位，此类流动可能反映了其它国家的购买。过去，当美国财政部每年一次修正国际资本流动(Tic)数据时，曾大幅下调英国的持有量，同时大幅上调中国的持有量。 |
Swiss holdings jumped by $39.1bn to $147.5bn, but the move was seen as reflecting efforts by the central bank to weaken its currency. | 瑞士的美国国债持有总量在8月份增加391亿美元，至1475亿美元，但这被视为反映了瑞士央行压低本币汇率的努力。 |
The August Tic data could well mark a high point for US Treasuries purchases. There has been significant selling by foreign official entities and private Japanese investors after the 10-year yield dropped to 1.72 per cent in September, its lowest level since 1945. | 8月份的Tic数据很可能标志着美国国债购买量的一个高峰。9月份，在10年期美国国债收益率降至1.72%这一1945年以来的最低位之后，外国官方实体和日本私人投资者出售了数量可观的美国国债。 |
The benchmark yield has risen back to 2.25 per cent in October and Federal Reserve data show Treasury sales of $73.5bn by foreign central banks since the start of September. Private Japanese investors sold a record $29bn of foreign bonds in the last week of September, and their holdings are largely Treasuries. | 上述基准收益率已在10月份回升至2.25%，同时美联储(Fed)数据显示，外国央行自9月初以来出售了735亿美元的美国国债。日本私人投资者在9月份最后一周出售了创纪录的290亿美元外国债券，其中大部分为美国国债。 |
译者/和风 |
2011年10月19日 06:53 AM
中国8月出售365亿美元美国国债
中国8月出售365亿美元美国国债 China sells US Treasury debt amid strong haven demand
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