去美元化尚未开始，但全球都在加速多元化配置

Group 1 - The core theme of the articles revolves around the diversification of asset allocation and increasing hedging against dollar assets amid uncertainties in U.S. trade policies and the dollar's credibility [1][2][3] - There is a growing discussion among investment institutions regarding "de-dollarization" and diversification strategies, although a significant trend towards de-dollarization has not yet materialized [1][2] - Recent trends show an increase in interest for assets such as gold, European stocks, Japanese yen, and Australian dollar, indicating a shift in international investors' preferences [1][7] Group 2 - The U.S. dollar index has experienced fluctuations, dropping below 100 and into the 98 range, with the yen and euro appreciating by 5% to 10% against the dollar this year [2] - The potential decline of the dollar's share in international payments from 60% to 50% is anticipated, but it will remain a primary reserve asset [2][3] - The U.S. Treasury's recent data indicates that the UK, Japan, and China are the top buyers of U.S. debt, highlighting the ongoing demand for U.S. Treasury bonds despite concerns [6][7] Group 3 - The U.S. stock market has shown resilience, recovering nearly all losses since the postponement of the "reciprocal tariffs," entering a technical bull market [3] - The complexities in international trade negotiations may arise from the suspension of tariffs, affecting the U.S.'s leverage in future discussions [3][4] - Investors are increasingly considering diversified allocations rather than concentrating solely on dollar assets, reflecting a cautious approach to potential market volatility [7] Group 4 - Concerns regarding U.S. Treasury bonds have emerged, with significant amounts maturing and the Federal Reserve delaying interest rate cuts, leading to higher borrowing costs [5][6] - The U.S. Treasury Secretary is exploring measures to encourage banks to hold more U.S. debt, aiming to stabilize the bond market and reduce yields [5][6] - The potential for a "de-dollarization" trend is being taken seriously by investors, prompting a reevaluation of dollar asset holdings and the exploration of alternative currencies and commodities [7][8]