当美元不再“避险”，各国央行正转向欧债

Group 1 - The core viewpoint of the articles highlights a significant increase in the allocation of eurozone government bonds by official institutions, with their subscription rate rising from 16% last year to 20% this year [1][2] - Concerns over the dollar's status as a safe-haven currency have emerged due to fluctuating U.S. trade policies and criticism of the Federal Reserve, leading to a 9% decline in the dollar and a 12% increase in the euro [1][2] - The relative political stability, lower budget deficits, and inflation levels in Europe make eurozone bonds more attractive to central banks [1][2] Group 2 - Barclays' analysis indicates that official institutions, including central banks and sovereign wealth funds, have significantly increased their subscriptions to eurozone government bonds, with notable demand from Asian institutions [2] - The issuance of bonds through syndication has raised over €200 billion (approximately $232.4 billion) for eurozone governments last year, making it a crucial financing channel [2] - Despite the rising demand for eurozone bonds, industry experts caution that it is too early to determine if central banks are meaningfully adjusting their currency allocations due to ongoing focus on U.S. dollar assets [3]