美国资产外国投资者急欲对冲美元波动风险

Core Insights - Foreign investors are urgently seeking to hedge their dollar exposure due to concerns over the impact of Trump's policy agenda on the dominant global currency [1] - Deutsche Bank's analysis indicates that since Trump's election in November, the scale of U.S. bond and stock investments with currency risk hedging has surpassed unhedged positions for the first time in four years [1] - Investors are withdrawing dollar exposure at an unprecedented rate, reflecting a contradiction in the U.S. market where the stock market has rebounded significantly without a corresponding rise in the dollar [1] Summary by Categories Foreign Investment Trends - Foreign investors are resuming purchases of U.S. assets but are keen to avoid currency risk [1] - The trend of hedging against currency risk has become more pronounced since Trump's election [1] Market Reactions - The behavior of foreign investors helps explain the significant rebound in Wall Street's stock market following Trump's April tariff announcement, despite the lack of a dollar recovery [1] - The withdrawal of dollar exposure by investors is occurring at an unprecedented speed [1] Analysis by Deutsche Bank - Deutsche Bank's strategist George Saravelos noted the shift in investment strategies among foreign investors [1] - The analysis highlights a significant change in the investment landscape, with hedging becoming a priority for foreign investors [1]