德银：若美联储撤回货币互换 美元储备地位、美国资产面临风险

Core Viewpoint - Deutsche Bank indicates that the Federal Reserve's withdrawal of a long-standing liquidity support measure poses the greatest risk to the dollar's status as a reserve currency since the end of World War II [1] Group 1: Federal Reserve and Liquidity Support - The Federal Reserve's liquidity support measures, particularly currency swap arrangements, have been crucial during financial crises, allowing global institutions to borrow dollars in their local currencies [1][2] - Concerns about the reliability of these currency swap arrangements could damage the dollar, especially if such worries become widespread among U.S. Western allies [1] Group 2: Impact of U.S. Government on Federal Reserve - The Trump administration may indirectly influence the Federal Reserve through moral persuasion or appointments to the management board [5] - If the Federal Reserve stops liquidity support under pressure or uses it as a bargaining chip for other U.S. policy goals, it could lead to significant consequences, including a sharp appreciation of the dollar and potential undervaluation of U.S. assets [5] Group 3: Global Financial System and De-dollarization - Doubts about the Federal Reserve's role as the world's lender of last resort could accelerate efforts by other countries to reduce their dependence on the U.S. financial system [5] - The Federal Reserve has also established other tools to address global market liquidity issues, such as repurchase agreement operations with foreign institutions [5]