全球资本为何加速“抛售美国”？

Group 1 - The core viewpoint of the article is that there is a significant trend of global capital reducing its exposure to US dollar assets, indicating a potential decline in the dollar's dominance in the global financial system [2][21]. - The current wave of dollar asset reduction is characterized by "institutional leadership, expanding scope, and increasing scale" [3]. - Major institutional investors, such as the largest private pension fund in Sweden, have significantly reduced their holdings of US Treasury bonds due to concerns over the unpredictability of the US government and rising debt levels [4][5]. Group 2 - The scope of the sell-off is broadening, with central banks like India's reducing their holdings of US Treasury bonds, which have dropped by 26% from their peak in 2023 [8]. - UK pension funds are also reducing their exposure to US equities due to concerns over potential bubbles in the US AI sector and uncertainty surrounding US government policies [8]. - A survey by OMFIF indicates that nearly 60% of central banks plan to seek alternative assets in the next one to two years, reflecting a shift away from dollar-denominated reserves [9]. Group 3 - The scale of the reduction is significant, with the IMF reporting that the dollar's share in global foreign exchange reserves fell to 56.92%, the lowest level since 1995 [10]. - The global central bank gold holdings have surpassed US Treasury bonds for the first time since 1996, indicating a shift in asset preferences [10]. - There is a strong demand for physical gold-related ETFs, with record inflows in North America and Asia, as investors seek to optimize their reserve asset structures in response to uncertainties in the global monetary system [11][13]. Group 4 - Multiple factors are undermining the dollar's dominance, including the aggressive policies of the Trump administration, which have created significant uncertainty and eroded confidence in dollar assets [14]. - The US's use of financial sanctions and the weaponization of the dollar have raised concerns among countries about the safety of their dollar-denominated assets [19]. - The ongoing high levels of US debt are leading global investors to reassess the long-term creditworthiness of US Treasury bonds, further contributing to the decline in demand for dollar assets [19]. Group 5 - The large-scale reduction of dollar assets is expected to impact the US financial market and economic policies, potentially increasing government and corporate borrowing costs and suppressing investment and consumption [20]. - The weakening of the dollar's status as a reserve currency will accelerate the transition towards a more diversified global monetary system [20]. - The current trend of dollar asset reduction is seen as a rational choice by global capital in response to unilateralism and hegemony, marking a significant shift in the international financial order [21].