瑞银集团的艾米·洛（Amy Lo）揭示了高净值个人的投资行为的转变

瑞银集团（UBS Group）的亚洲财富管理联合负责人艾米·罗（Amy Lo）揭示了高净值个人的投资行为发生了明显变化。

High-net-worth individuals in Asia are shifting their investments from US dollar-based assets to gold, cryptocurrencies, and Chinese investments, according to UBS Group's Co-Head of Wealth Management for Asia, Amy Lo.

根据瑞银集团（UBS Group）亚洲财富管理共同管理，亚洲的高净值个人正在将其投资从基于美元的资产转移到黄金，加密货币和中国投资。

Speaking at an event in Hong Kong, Lo attributed this trend to rising geopolitical tensions, particularly between China and the United States, which have prompted wealthy investors to diversify beyond traditional US-centric portfolios.

Lo在香港的一次活动中发表讲话，将这种趋势归因于地缘政治紧张局势的上升，特别是在中国和美国之间，这促使富裕的投资者超越了传统的以美国为中心的投资组合。

"Clients are looking at commodities, digital assets, and alternative investments. Volatility will definitely continue," Lo stated.

洛说：“客户正在研究商品，数字资产和替代投资。波动肯定会继续。”

This shift is evident in the changing investment preferences of UBS's clients. In the past year, there has been a strong demand for gold and US dollar-denominated bonds as investors sought safe-haven assets.

在不断变化的瑞银客户投资偏好中，这种转变显而易见。在过去的一年中，随着投资者寻求安全资产的资产，人们对黄金和美元计价的债券的需求很大。

However, with the US dollar depreciating and the Chinese economy recovering, clients are now showing interest in diversifying into the yuan and A-shares.

但是，随着美元贬值和中国经济恢复，客户现在表现出对使人民币和A股份多样化的兴趣。

"We are seeing a pivot towards Asia-focused investments, particularly in A-shares and yuan-denominated bonds, as clients recognize the potential for a strong rebound in the Chinese economy," Lo added.

Lo补充说：“我们看到以亚洲为中心的投资的枢纽，尤其是在A股和元负有责任的债券中，因为客户认识到中国经济中有很大反弹的潜力。”

Meanwhile, in South Korea, the so-called "Korea Premium," which refers to the price gap between Korean and global crypto exchanges, continues to decline.

同时，在韩国，所谓的“韩国溢价”是指韩国和全球加密货币交易所之间的价格差距，它继续下降。

Once a symbol of intense retail demand, particularly during the 2021 bull run when the premium soared above 20%, it now reflects a more muted sentiment among local investors.

曾经是强烈的零售需求的象征，尤其是在2021年的公牛运行期间，当保费飙升到20％以上时，现在反映出当地投资者中的情绪更加柔和。

The current decline suggests that the latest Bitcoin rally is being driven by global institutional capital, rather than Asian retail traders.

目前的下降表明，最新的比特币集会是由全球机构资本而不是亚洲零售商人驱动的。

Analysts believe this trend will persist, especially with the approval of US spot Bitcoin ETFs and increasing interest from sovereign wealth funds and corporations.

分析人士认为，这种趋势将继续存在，尤其是在美国现货比特币ETF的批准以及主权财富基金和公司的兴趣增加的情况下。

If the Korea Premium does return, even a 10% difference would now be considered high compared to past cycles, highlighting the shift in global market leadership.

如果韩国的保费确实回来，那么与过去的周期相比，即使是10％的差异也将被认为很高，这突显了全球市场领导力的转变。

Bitcoin (BTC) Price Holds Steady

比特币（BTC）价格稳定

Crypto market analyst ColinTCrypto pointed out that Bitcoin's current price trajectory closely follows the growth in the global M2 money supply.

加密市场分析师ColintCrypto指出，比特币的当前价格轨迹紧随全球M2货币供应的增长近在咫尺。

He noted that Bitcoin recently surged from $76,000 to over $105,000, predicting a potential breakout to $120,000 by May-end if the correlation holds.

他指出，比特币最近从76,000美元飙升至105,000美元以上，预计如果相关性成立，到5月的可能性可能会突破到120,000美元。

Bitcoin is still right on track with Global M2.

比特币仍与Global M2保持正轨。

$120,000+ by the end of May?

到5月底到$ 120,000+？

Will BTC get a huge move up around the May 24th like Global M2 shows? If so, it’s likely BTC breaks into new ATHs. The FOMO at that time will be palpable due to all the articles and news. pic.twitter.com/gYuNQGx0Uj

像全球M2节目一样，BTC会在5月24日左右巨大的转移吗？如果是这样，BTC可能会闯入新的ATHS。当时的FOMO将由于所有文章和新闻而显而易见。 pic.twitter.com/gyunqgx0uj

— Colin Talks Crypto 🪙 (@ColinTCrypto) May 13, 2025

- Colin Talks Crypto🪙（@ColintCrypto）2025年5月13日

At the time of writing, Bitcoin is trading around $103,500, gaining over 0.70% in the past day.

在撰写本文时，比特币的交易额约为103,500美元，在过去的一天中增长了0.70％。

In the past week, its market capitalization has grown by $15 billion, bringing it to around $2.05 trillion.

在过去的一周中，其市值增长了150亿美元，使其达到2.05万亿美元。

Additionally, the Crypto Fear & Greed Index suggests that investors are now turning greedy to invest in digital assets.output: Key interest rates in the United States will remain elevated for an extended period, according to a recent statement by Federal Reserve Governor Michelle Bowman.

此外，根据美联储州长米歇尔·鲍曼（Michelle Bowman）最近的一份声明，加密货币和贪婪指数表明，投资者现在正在转向贪婪投资数字资产：美国的关键利率将在很长一段时间内保持较长期限。

During a Monday speech at the Montana Bankers Association Convention, Bowman emphasized the importance of bringing inflation down to the two percent goal.

在蒙大拿州银行协会大会上的周一演讲中，鲍曼强调将通货膨胀降低到2％的目标的重要性。

"We will need to keep interest rates higher for longer to decrease demand in the economy and bring inflation down to two percent," Bowman said.

鲍曼说：“我们将需要保持更高的利率，以减少经济需求，并使通货膨胀率降至百分之二。”

According to the Consumer Price Index (CPI), inflation in May reached four percent compared to the same period last year. However, compared to April 2025, there was a slight decrease of 0.1 percent.

根据消费者价格指数（CPI），与去年同期相比，5月的通货膨胀率达到了4％。但是，与2025年4月相比，略有下降了0.1％。

While inflation has moderated from its peak in early 2022, it remains significantly above the Fed's two percent target.

尽管通货膨胀率从2022年初的高峰开始，但它仍然显着高于美联储的两百分之二。

The Fed officials have indicated that they might pause increasing interest rates at the upcoming June meeting. Currently, the federal funds rate stands in a range of 4.75 percent to five percent.

美联储官员表示，他们可能会在即将到来的6月会议上停止增加利率。目前，联邦资金利率在4.75％至5％的范围内。

In March 2022, the Fed initiated the most rapid series of rate hikes since the 1980s to combat surging inflation. The central bank has raised the benchmark lending rate by 5 percentage points, bringing it to its highest level since 2000.

2022年3月，自1980年代以来，美联储开始了最快的速率加息，以打击飙升的通货膨胀。中央银行已将基准贷款率提高了5个百分点，使其自2000年以来的最高水平。

The officials are closely examining economic data to determine the optimal time to halt the rate increases. However, they have also warned that if inflation does not subside as anticipated, further rate hikes may be necessary.

官员们正在仔细检查经济数据，以确定停止利率提高的最佳时间。但是，他们还警告说，如果通货膨胀不会如预期的那样消退，则可能需要进一步加息。

"We are assessing each meeting based on the incoming data and the implications for the economic outlook," Bowman noted.

鲍曼指出：“我们正在根据传入数据及其对经济前景的影响进行评估。”

She added that if inflation does not decrease as quickly as expected, or if the labor market begins to deteriorate, further rate increases may be required to reach the Fed's

她补充说，如果通货膨胀率不如预期的速度降低，或者如果劳动力市场开始恶化，则可能需要进一步提高才能达到美联储