Da Ming Securities: In the first quarter, foreign investors increased their holdings of short-term U.S. Treasury bonds.

On May 23, Jin10 reported that TD Securities stated that foreign investors increased their holdings of U.S. Treasuries in the first quarter of 2025, although they preferred short-term Treasuries. This may be due to anticipated trade uncertainties, concerns over term premiums, a steeper yield curve, and official investors wanting to retain more liquidity assets for potential exchange rate intervention purposes. Both official and private foreign investors increased their holdings of U.S. Treasuries, with official investors accelerating their pace of purchases.

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