Recently, our internal discussions have focused on one key point: the security halo of the US dollar is fading.

Analyses from multiple institutions all point to the same conclusion—by 2026, the US dollar will continue to face pressure. Why is this happening? Ultimately, it’s not just market sentiment fluctuations, but deeper structural issues: questions about fiscal sustainability, uncertain policy outlooks, and the declining safe-haven status of the dollar. You can clearly feel overseas funds actively hedging against the dollar, and the global capital allocation pattern is quietly changing.

Coupled with the high likelihood of the Federal Reserve continuing to cut interest rates, the situation becomes even clearer.

What does this mean? A weakening dollar has become a high-probability event. Assets in emerging markets will benefit from this, with local currency returns rising accordingly, and market participants will be more willing to take on risks. Institutions are never afraid of market volatility itself; they fear not being able to see the direction clearly. But now, the direction is very clear—the cash is no longer the safest harbor in this cycle.

Risk assets are being re-priced, while retail investors are still waiting for the "shoe to drop." Smart large funds have already begun adjusting their positions. The key point to understand is: in the big cycle of dollar depreciation, the greatest opportunities have never been in the dollar itself.