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Jefferies: Trump’s tariffs may accelerate de-dollarization

Jefferies: Trump’s tariffs may accelerate de-dollarization

金色财经金色财经2025/12/08 14:47
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Jinse Finance reported that Jefferies analysts pointed out in their 2026 outlook report that the dominance of the US dollar in global foreign exchange reserves may face gradual weakening, partly due to Trump's tariff policies on trade partners. The report stated: "Recent trade wars have damaged the dollar's status as the primary reserve currency." Although the dollar will maintain its core reserve currency role in the short term, "a slow and sustained trend of de-dollarization may emerge." Analysts warned that as geopolitical and trade frictions intensify, central banks and investors may begin to question the risks of concentrating all reserves in the dollar and seek diversified allocations. "Investors may reassess the strategy of over-reliance on the dollar and instead increase their holdings of other assets." Jefferies believes that in this de-dollarization process, gold will become the main beneficiary.

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