对冲基金内部人士：美元将暴跌，市场对美元的信心已经“不可逆转的动摇”

Core Viewpoint - The dollar bear market has just begun, with a large-scale sell-off expected in the coming months as institutional investors adjust their portfolios [1][5]. Group 1: Institutional Investor Behavior - Institutional investors are in the process of reallocating their portfolios, which may lead to significant dollar sell-offs [5]. - Many long-term investors are actively seeking opportunities to reduce their dollar exposure [5]. - The recent information suggests that the rebound of the dollar after the easing of U.S.-China trade tensions is likely a temporary phenomenon [5]. Group 2: Economic Context - The U.S. dollar has depreciated over 5% this year due to concerns over economic slowdown and rising inflation triggered by the trade war [2]. - Foreign holdings of U.S. securities have doubled over the past decade, reaching an unprecedented $32 trillion [6]. - A potential wave of dollar sell-offs could be triggered by foreign investors, particularly Asian exporters, as they liquidate accumulated dollar assets [6]. Group 3: Future Predictions - Jens Nordvig predicts that the dollar is facing a significant structural shift, suggesting a long-term decline [1][6]. - The combination of structural capital flows and the cyclical forces of the Federal Reserve is expected to lead to a substantial drop in the dollar's value [7]. - Investors are advised to prepare for potential increases in the euro and gold prices as the dollar weakens [8].