Group 1 - The US dollar index has fallen over 10% this year, leading to significant increases in precious metal prices and a shift in global central bank reserves towards gold [1][2] - There is a divergence in market opinions regarding the future of the dollar, with some institutions predicting further depreciation due to monetary policy misalignment and external circulation issues, while others believe the fastest decline may be over and caution against potential rebounds [1][2] - Precious metals such as gold and silver have seen price increases exceeding 20% this year, with platinum prices rising over 50%, indicating a reallocation of global funds [2][3] Group 2 - The decline of the dollar is attributed to three main factors: relative economic advantages, monetary policy misalignment, and increasing credit risk associated with the dollar [2] - A survey by the Official Monetary and Financial Institutions Forum (OMFIF) indicates that the dollar's popularity among central banks has dropped, with 70% of respondents citing US political conditions as a barrier to dollar investment, leading to a record increase in gold holdings [3] - UBS suggests that ongoing uncertainty in US policies may weaken the appeal of the "American exceptionalism," recommending investors diversify into other currencies to mitigate excessive dollar exposure [3]

亚洲对美元的需求以及亚洲央行支持美元的意愿正在减弱（来源：新华社图） 新台币波动堪比亚洲金融危机时期 2025.05. 07 本文字数：2699，阅读时长大约4分钟 作者 | 第一财经 后歆桐 新台币在前两个交易日对美元大涨9%后，6日下跌3%。 新台币的走势可谓亚洲货币的缩影和放大。有分析师表示，亚太货币近期波动更甚亚洲金融危机时 期，对外经常账户盈余最大的亚洲经济体的货币，恐受到"广场协议2.0"或所谓的"海湖庄园协议"影 响更大。但不论短期如何波动，一切的背后，最根本的是美元全球储备货币地位下降导致的全球资金 重新配置。 情况也确实如此。随着"卖出美国"的资金流入亚洲，多种亚洲货币以及澳元等近期显著升值。5日， 中国离岸人民币兑美元汇率一度创下7.1834的六个月高点，6日有所回落。澳元对美元价格5日创5个 月来新高。韩元、马来西亚林吉特对美元价格6日分别一度上涨1%左右。 橡树资本的联席首席执行官帕诺萨（Armen Panossian）透露，由于担心特朗普政府的贸易政策会损 害经济和投资环境，客户们正在讨论将其对美国的敞口削减最高达10%。美国投资者更倾向于相信关 税协商会在造成太大损害之前完成，而非 ...

Core Viewpoint - The recent weakness of the US dollar is driven by fundamental changes rather than coordinated agreements like the "Mar-a-Lago Agreement" [1][8] - Asian currencies, particularly the New Taiwan Dollar, are experiencing significant volatility, reflecting broader trends in global currency markets [3][9] Group 1: Currency Movements - The New Taiwan Dollar surged 9% against the US dollar in the first two trading days, reaching a three-year high, but fell over 3% on the sixth day due to increased demand for dollars from importers [3][4] - Despite the recent decline, the New Taiwan Dollar has appreciated over 8% against the US dollar this year [3] - The volatility of Asian currencies is currently more pronounced than during the Asian financial crisis, with analysts noting that the New Taiwan Dollar is particularly sensitive to external pressures [3][4] Group 2: Global Fund Reallocation - A significant reallocation of global funds is underway, with a shift away from the US dollar as Asian currencies gain traction [5][6] - The demand for the US dollar is decreasing among Asian central banks, indicating a potential long-term trend of diversifying away from dollar-denominated assets [5][6] - The recent movements in Asian currencies, including the New Taiwan Dollar, serve as a warning signal for the diminishing support for the US dollar in the region [5][6] Group 3: Economic Policies and Trade Relations - The "Mar-a-Lago Agreement" concept, aimed at depreciating the dollar to enhance US export competitiveness, has reignited discussions about currency valuation in the context of trade imbalances [4][5] - Concerns over US trade policies and potential tariffs are influencing investor sentiment, leading to a reduction in exposure to US assets [6][8] - The expectation of a weakening US dollar is prompting global investors to seek opportunities in Asian markets, particularly in currencies like the Korean Won and the Singapore Dollar [8][9]