CICC: In the medium to long term, the weakening of the dollar as a "currency anchor" may continue to dominate market prospects, and the trend of dollar depreciation remains unchanged

CICC pointed out that the weakening of the dollar's "currency anchor" may continue to dominate market prospects. After the short-term factors that boosted the dollar fade, the narrative of global monetary order reconstruction and the erosion of dollar hegemony will reassert itself. The continuous increase in the United States' net external liabilities has led to a stronger demand for dollar depreciation. The uncertainty of Trump's policies and the risk of "weaponizing" the dollar are also suppressing market demand for U.S. assets. CICC expects the global monetary order to continue to be reconstructed, driving a long-term depreciation trend of the dollar