---
title: "Morgan Stanley's Xing Ziqiang: The core purpose of the U.S. \"Genius Act\" is to maintain the dominance of the U.S. dollar, with a long-term bearish outlook on the dollar"
description: "Morgan Stanley's Chief Economist for China, Xing Ziqiang, stated that the U.S. 'Genius Act' aims to maintain the dominance of the U.S. dollar but may expose the risks of the global payment system's de"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/258904695.md"
published_at: "2025-09-25T13:33:59.000Z"
---

# Morgan Stanley's Xing Ziqiang: The core purpose of the U.S. "Genius Act" is to maintain the dominance of the U.S. dollar, with a long-term bearish outlook on the dollar

> Morgan Stanley's Chief Economist for China, Xing Ziqiang, stated that the U.S. 'Genius Act' aims to maintain the dominance of the U.S. dollar but may expose the risks of the global payment system's dependence on the dollar. He expects the Federal Reserve to cut interest rates by 125 basis points to around 3%, with inflation potentially remaining high due to labor shortages and rising import prices, leading to a decline in real interest rates. He is long-term bearish on the dollar, believing this will weaken global capital demand for the dollar and U.S. Treasuries, resulting in dollar depreciation and increased volatility in the U.S. Treasury market

Morgan Stanley's Chief Economist for China, Xing Ziqiang, pointed out: "The 'CHIPS Act' launched by the United States essentially reflects America's desire to maintain the dominance of the dollar during the digitalization phase of payment infrastructure." Xing Ziqiang believes that in the short term, the stablecoin legislation may further strengthen the international status of the dollar, but this may instead expose the global payment system's excessive reliance on the dollar's single-point risk. Xing Ziqiang analyzed that the Federal Reserve has begun a rate-cutting cycle, expecting a cumulative rate cut of 125 basis points by the first half of next year, bringing the rate down to around 3%. Meanwhile, U.S. inflation may remain high due to labor shortages and rising import prices, leading to a rapid decline in real interest rates. Xing Ziqiang stated that he is long-term bearish on the dollar. "When U.S. real interest rates decline, the interest rate differential with other major economies will narrow, and may even fall below the rates of these economies. This could weaken global capital demand for the dollar and U.S. Treasuries, leading to a depreciation of the dollar and exacerbating volatility in the U.S. Treasury market," Xing Ziqiang explained

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