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消息人士：贝森特或动用规模近1万亿美元的财政部一般账户为债券回购计划提供资金_我的网站

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Illustration: Liu Rui/GTUS Pentagon official Elbridge Colby's latest Manila speech, in which he called on allies to "invest more" in their own defense and stressed that Washington wants "partners, not protectorates," has drawn attention from some Philippine media. Colby's claims also expose the fragility of the Manila-Washington alliance and Washington's push to enlist "Indo-Pacific" allies in serving its own strategic interests, a Chinese expert said, warning that the Philippines, by placing itself on the front line of provocations against China, risks being a geopolitical pawn left to bear the consequences on its own.
While delivering a speech at the Stratbase Institute in Manila, Philippines, on Monday, Colby, the Under Secretary of War for Policy, laid out the US' so-called "flexible realism" approach to the Indo-Pacific, stressing that the US is "definitely not disengaging from Asia" but strengthening its forward posture and seeking to build a "denial defense" along the First Island Chain, according to a transcript of the speech released on the US Department of War website.
At the same time, he called on US allies and partners to step up, invest more in their own defense, and take responsibility for their own sovereign security. "We are looking for partners, not protectorates," Colby claimed.
The claims have drawn attention from some Philippine media outlets, with some linking them to the South China Sea issue. However, the transcript of Colby's speech showed that he did not mention China, the Global Times found.
A Manila Bulletin report noted that after calling on allies to invest more in defense, Colby cited the Philippines as an example of the "kind of partner Washington wants to work with." He praised Manila for "strengthening its military and coast guard capabilities while deepening operational cooperation with the US" amid what the report described as China's "aggression" in the South China Sea.
Colby's visit to Manila marked his first official trip to Southeast Asia as an undersecretary under the Trump administration. He is scheduled to travel from Manila to Jakarta, Indonesia; Bangkok, Thailand; and Phnom Penh, Cambodia, said the report.
Meanwhile, a Manila Standard report interpreted Colby's remarks as showing that "the US is working closely with the Philippines" to strengthen Manila's military capabilities and protect its sovereign rights in the South China Sea, despite the fact that Colby did not mention China in his speech.
The US appears to be adopting a more retrenchment-style approach, shifting from leading directly to relying on regional allies to take the frontline role while providing support. This approach allows Washington to advance its interests while lowering its own costs, Song Zhongping, a Chinese military affairs expert, told the Global Times.
Song noted that Washington seeks to use repeated maritime frictions to tie down Chinese resources, which helps explain Colby's praise for Manila: the Philippines bears part of Washington's strategic burden while receiving largely rhetorical US support.
A South China Morning Post report on Tuesday noted that Colby avoided mentioning the recent disputes over Huangyan Dao, despite Washington having criticized China's establishment of a nature reserve there just two days earlier. The report described the omission as a "measured tone" ahead of a potential meeting between the Chinese and US leaders.
Washington's primary concern is its own interests. At the core of its "Indo-Pacific strategy" is strengthening its alliance network by pushing partners such as the Philippines to shoulder greater security burdens in pursuit of US strategic goals. As US-China diplomatic dynamics evolve, countries serving as Washington's geopolitical spearheads in confrontations with China risk being left behind, said some observers.
Song noted that this also reveals the fragility of the US-Philippine relationship.
The US has encouraged the Philippines to take the front line in confrontations with China while offering mostly rhetorical support. Should tensions escalate, Manila would bear much of the cost on its own, said the expert.
。　　据报道，两名美国财政部高级官员透露，美国财政部或将动用规模接近1万亿美元的财政部一般账户（TGA），为债券回购计划提供资金。贝森特已将TGA余额规模扩大至约9500亿美元。　　相关报道　　美国财政部“救市”新消息！近万亿美元现金储备可能出手买美债　　赶在周一晚间美股开盘前，美国财政部展开了新一轮干预债市的努力。　　据媒体援引“两名美国财政部高级官员”报道称，美国财政部可以动用规模接近1万亿美元的财政部一般账户（TGA），为其近期宣布的扩大美国国债回购计划提供资金。　　受此影响，长端美债（10年期/30年期）收益率均小幅回落（对应国债价格上涨），美股期指跌幅小幅收窄。现货黄金维持涨势，最新报价在每盎司4650美元上下。

B | （美国30年期国债收益率分钟线图）　　美国财政部一般账户（TGA账户）可以理解为美国联邦政府在美联储开设的“支票账户”，或者说是美国政府的应急现金储备。　　在贝森特治下，目前TGA账户的余额已经达到约9500亿美元，明显高于拜登政府时期的5500亿至6000亿美元目标水平。

C | 　　美国财政部尚未透露是否、何时以及动用多少TGA资金，但这些官员明确表示，这笔钱可以用于此次长期美债回购。　　作为背景，美国财政部上周三出人意料地宣布，将9月开始的长期美债单次回购规模从20亿美元提高一倍至“至少40亿美元”。这一消息一度推动美债收益率下行，但效果仅维持了短短一天。

D | 美国财政部长斯科特·贝森特周四又公开表示，实际回购规模甚至可能高于目前公告的水平。　　大多数市场参与者此前认为，财政部会通过发行短期国库券来筹集资金，甚至连贝森特上周接受采访时，也把这项操作称为 “财政部版扭转操作”（Treasury Twist）。

E | 这种“发行短债控制长期债券收益率”的做法，也被市场质疑效果有限，且美国财政部的火力可能受限。　　因此，动用TGA账户将有利于改变市场的看法，同时该账户的“火力”足以应对短期债市波动。　　据报道，上述官员没有透露，美国财政部究竟会不会动用TGA、会动用多少资金，以及相关决定可能会在什么时候公布。他们也没有暗示，TGA资金会被用于购买长期国债之外的其他资产，仅明确表示“TGA账户是可用的”。　　美国财政部动用TGA账户稳定债市的另一个好处，是这个账户里该有多少钱，本身就具有一定的政策裁量空间。　　耶伦担任美国财长期间，财政部官员曾表示，TGA的目标是维持相当于 “未来一周现金支出需求” 的水平。现任财政部则表示，其账户余额的设定“符合财政部长期以来的现金余额管理政策”。　　短期内让TGA余额适度下降，似乎也不会立即引发风险。　　减少TGA余额，意味着如果未来再次出现债务上限僵局，美国政府手头可动用的现金储备会有所下降。

F | 但最新估算显示，美国下一次触及债务上限（41.1万亿美元），至少是中期选举以后的问题了。

G | 　　从预期管理的角度来说，即便财政部只是小规模动用TGA，或者市场仅仅意识到财政部愿意使用TGA买入美国国债，也可能对美债收益率产生影响。

H | 　　这还可以缓解债券市场上的另一项担忧：部分投资者此前担心，美联储可能会被要求协助财政部实施此类国债回购操作。美联储确实像一家银行一样替财政部保管TGA账户，但美联储并不把TGA视为其货币政策工具的一部分。

I | 　　报道称，美国财政部官员还对外界的一项批评进行了反驳：有人认为，财政部此次突然宣布扩大国债回购，偏离了长期以来在债券发行方面坚持的 “规律且可预测”原则，甚至是在有意“操纵市场”。　　此次扩大回购计划的公告，是在季度再融资声明发布两周之后公布的。

J | 按照惯例，此类信息通常会在季度再融资声明中一并向市场披露。　　不过，上述财政部高级官员表示，财政部实际上并没有对正式的国债拍卖日程作出任何调整。　　他们还指出，这项公告是在首场回购操作之前将近三周发布的，首次操作定于9月9日进行，因此市场仍有充足时间做好准备。此外，财政部在8月19日的公告中已经一次性公布了整个季度的回购安排。　　这些官员还表示，由于第一场回购要到9月9日才会进行，因此现在就判断这项政策对市场的实际影响还为时过早。　　贝森特上周曾表示，财政部扩大回购规模的目的，是希望市场能够“把注意力放在基本面上，而不是在市场交投清淡的平静时期根据新闻标题进行交易”。（来源：财联社）（文章来源：第一财经）。