The China administration continued to buy US Treasury bonds, and the China administration continued to buy US Treasury bonds, but American investors kept reducing their holdings. For example, 10 years ago, the total amount of US Treasury bonds was about 3 trillion, of which more than 70%, that is, more than 2 trillion, was owned by American investors;

But now, the total amount of US Treasury bonds has increased to 4 trillion yuan, but only one third of them are held by local investors, and the proportion is declining. The reason why Americans don't buy US Treasury bonds is simple, that is, interest rates are unattractive.

The interest rate of expanding the information issuance of national debt was influenced by the national inflation at that time and the government's expectation for the future. The Fed's purchase of government bonds is equivalent to releasing funds into the market. With more funds in the market, the acquisition cost will be reduced, the market interest rate will naturally drop, and the bank interest rate will also drop. Generally speaking, the interest rate of national debt is fixed and will not change, but the price of national debt will change, which will lead to the change of national debt income.

Gold is money, although the holder can't get interest; National debt is paper or digital, and the issuer will pay the so-called "national debt income" in order to appease the anxiety of the holders. The ratio of the total national debt income to the total investment in each year is the "national debt yield" of that year. The yield of US 10-year Treasury bonds has been declining for decades.

Baidu Encyclopedia-US Treasury bonds