富裕的投資者正在將美元傾銷給中國資產和黃金，瑞銀和摩根士丹利說

根據瑞銀高管的說法，富裕的投資者正在減少對美元計價的資產的曝光率，並將資本轉移到中國市場，黃金和替代投資中。

According to UBS executives, wealthy investors are reducing exposure to U.S. dollar-denominated assets and moving capital toward Chinese markets, gold, and alternative investments.

根據瑞銀高管的說法，富裕的投資者正在減少對美元計價的資產的曝光率，並將資本轉移到中國市場，黃金和替代投資中。

The trend has expanded following decreased trade tensions between the United States and China, and rising interest in China’s evolving innovation sectors.

在美國和中國之間的貿易緊張局勢減輕，對中國不斷發展的創新部門的興趣不斷增加，這種趨勢已經擴大。

US-China Tariff Truce Sparks Renewed Interest in Chinese Assets

美國 - 中國關稅休戰激發了對中國資產的重新興趣

UBS and Morgan Stanley executives report that wealthy clients are considering investment opportunities in China as both countries enter a 90-day tariff truce that reduces import duties.

瑞銀（UBS）和摩根士丹利（Morgan Stanley）的高管報告說，富裕的客戶正在考慮在中國的投資機會，因為兩國都進入了90天的關稅停戰，從而減少了進口關稅。

The U.S. scaled back its combined 145% tariff rate on Chinese imports to 30%, while China lowered its tariffs on American goods from 125% to 10%.

美國將其總計145％的中國進口稅率擴大到30％，而中國對美國商品的關稅從125％降低到10％。

According to Lo, a senior UBS executive, the recent engagement between the two nations has created new momentum, with Chinese assets becoming a main focus of client inquiries at international investment events. Lo noted increased interest not only in traditional holdings but also in crypto and commodities, including gold, which she described as “getting very popular.”

根據瑞銀高級主管Lo的說法，兩國之間最近的參與已經創造了新的勢頭，中國資產成為國際投資活動中客戶詢問的主要重點。 Lo注意到，不僅在傳統持有量，而且對加密貨幣和商品（包括黃金）中的興趣增加，她稱其為“變得非常受歡迎”。

Hong Kong’s stock index, which is weighted mainly by Chinese firms, has ranked among the top performers globally this year. The improved diplomatic climate has also fueled bullish sentiment in U.S. markets, with the Nasdaq 100 nearing bull market territory and the dollar appreciating after President Donald Trump endorsed a total reset in U.S.-China relations.

香港的股票指數主要由中國公司加權，今年在全球表現最好。改善的外交氛圍也加劇了美國市場的看漲情緒，納斯達克100號靠近牛市市場，而唐納德·特朗普總統認可了美國 - 中國關係的全部重置後，美元升值。

Strategic Portfolio Adjustments

戰略投資組合調整

Morgan Stanley’s Head of Investment Management Services for Asia, Au-Yeung, said the tariff agreement has opened up exciting opportunities in both countries. While highlighting the strength of U.S. markets, she also noted that Chinese valuations were not demanding.

摩根士丹利（Morgan Stanley）為亞洲的投資管理服務主管Au-Yeung表示，這項關稅協議在這兩個國家都開闢了令人興奮的機會。她還指出了美國市場的實力，但她還指出，中國的估值並不要求。

Au-Yeung recommended an allocation strategy of 40% fixed income, 40% equities, and 15% alternative assets, with the remainder in cash or equivalents, for ultra-high-net-worth clients. She added that delivering 7–8% annual returns over the next decade would require more effort, given today’s elevated volatility compared to the post-2008 period.

Au-Yeung建議對超高淨值客戶的客戶制定40％固定收入，40％股票和15％的替代資產的分配策略，其餘的現金或同等資產。她補充說，鑑於今天的波動率與2008年後時期相比，在未來十年內提供7-8％的年收益將需要更多的努力。

UBS’s Lo confirmed that dollar-based assets are falling out of favor. Clients are pivoting toward gold, digital assets, and alternative currencies as they prepare for continued volatility. Traditional U.S.-centric portfolios give way to more globally diversified holdings, a trend congruent with ongoing geopolitical developments.

瑞銀（UBS）的LO證實，基於美元的資產正在失利。客戶為持續波動做準備時，客戶涉及黃金，數字資產和替代貨幣。傳統的以美國為中心的投資組合讓位於全球多元化的持股，這是與正在進行的地緣政治發展一致的趨勢。