去美元化尚未开始，但全球都在加速多元化配置

Core Viewpoint - The article discusses the current state of the US dollar amidst uncertainties in tariff policies, highlighting the trend of "de-dollarization" and diversification in asset allocation among international investors [1][3]. Group 1: Dollar Status and Market Reactions - The US dollar's credibility is being questioned for the first time in years, although a significant "de-dollarization" trend has not yet emerged [1][3]. - The dollar's share in international payments may gradually decline from 60% to 50%, but it will remain a primary reserve asset [3][5]. - Following the announcement of a court ruling against Trump's tariffs, US stock indices saw a rebound, indicating market optimism [3][4]. Group 2: Investor Behavior and Asset Allocation - Investors are increasingly considering diversified asset allocations rather than concentrating on dollar-denominated assets [5][10]. - There is a notable increase in interest in gold, European stocks, and currencies like the Australian dollar and Japanese yen as hedging strategies [1][10]. - Family offices and high-net-worth individuals are reassessing their dollar asset holdings in light of the dollar's weakening trend [10][12]. Group 3: US Debt and Economic Implications - Concerns about US debt are rising, with significant amounts maturing and the cost of borrowing remaining high due to delayed interest rate cuts [7][8]. - The US Treasury is exploring measures to encourage banks to hold more government bonds, which could stabilize the bond market [8][9]. - The potential for a market sell-off exists if the Federal Reserve intervenes to support the bond market, which could lead to further volatility [9]. Group 4: Global Market Trends - Japan's stock market is gaining attention due to a shift towards inflation-driven growth, making mid-cap stocks attractive [12]. - China's synchronized monetary and fiscal policies are expected to benefit both Hong Kong and mainland mid-cap stocks, supported by high savings rates and domestic consumption stimulus [12].