从国际资本流动报告看美元大循环下的“美元荒”

Looking at the"dollar shortage"under the dollar cycle from the report of international capital flows

2022年外资回流美国创纪录,不要将美债持有余额下降等同于抛售美债,美元大循环依然存在,美联储是影响外资资产配置组合的关键。往后看,宏观数据与货币政策博弈可能会贯穿2023年上半年,不确定性仍较多,避险情绪驱动也可能使美元重获支撑。

On the whole,the Fed's previous excessive liquidity flooding and the surge in the US trade deficit have led to a flood of dollars around the world.Although U.S.interest rates soared and asset prices shrank sharply in 2022,most of the U.S.dllars held by foreign investors had nowhere to place and could only flow to U.S.dollar assets that mostly only earn stable interest returns.The number of U.S.stocks sold by foreign investors throughout the year still hit a record high.