【雅虎20150128】聚焦中国经济：美国的第一大债权国

独秀文译青年

【原文标题】China Is The Largest Foreign Holder Of US Treasuries

【中文标题】聚焦中国经济：美国的第一大债权国

【文章来源】雅虎财经

【文章链接】http://finance.yahoo.com/news/china-largest-foreign-holder-us-020512617.html

The graph above shows some of the largest foreign holders of US Treasuries (TLT)(IEF) of all maturities. As of November 2014, China (FXI) held Treasuries worth $1.25 trillion, the most of any other foreign holder. It’s closely followed by Japan (EWJ), which holds Treasuries worth $1.24 trillion. Other countries—Belgium, Brazil (EWZ), Switzerland, and the United Kingdom— hold much smaller quantities of US Treasuries, comparatively speaking.

以上表格列出了一部分拥有美国国债的国家。截至2014年11月，中国（FXI）持有美国国债1.25万亿美元，价值为众国家之首。紧跟中国的是日本（EWJ）持有美国国债1.24万亿美元。排名还比较靠前的比利时、巴西（EWZ）、瑞士和英国持美国国债的量相对较小。

China’s central bank is a major purchaser of US Treasuries, mainly because of its exchange-rate policy. The Chinese renminbi was pegged to the US dollar to protect the currency from appreciation, which would make Chinese exports unattractive. Remember, China is primarily an export-driven economy.

中国人民银行是美国国债的最大购买者，主要是因为其汇率政策。中国利用人民币与美元挂钩的颁发保持低汇率，从而使中国出口保持增长。记得，中国是一个以出口为导向的经济体。

Since the US runs a budget deficit, it needs a way to finance it. It does this by issuing lots of Treasury bonds. All else being equal, buying US Treasuries increases the demand for them, which reduces their yields. This results in a general decrease in interest rates in the US.

美国主要通过发行国债来填补财政赤字。美国国债大量被购买导致需求增加，收益率减少，最终导致美国国内利率的普遍下降。

So if China were to stop buying, or start selling these bonds, it would result in higher Treasury yields. For example, if China decided to inject a monetary stimulus to its slowing economy, it could sell some of the US Treasuries it holds to finance the stimulus.

如果中国停止购买美国国债或者开始卖出这些国债，那么国债收益率就会提高。例如，假设中国要对放缓的经济实行经济刺激政策，那么它就有可能为了获得资金而抛售部分美国国债。

If China decides to sell the Treasuries all at once, Treasury yields could spike due to sudden, excessive supply. The increase to interest rates in the US could cause volatility all over the world (QWLD).

如果中国要一次性出售所有美国国债，那么由于短时大量的供应，国债受利率就会猛增。美国银行利率上升将会导致世界经济的动荡（QWLD）。