富裕的投资者正在将美元倾销给中国资产和黄金，瑞银和摩根士丹利说

根据瑞银高管的说法，富裕的投资者正在减少对美元计价的资产的曝光率，并将资本转移到中国市场，黄金和替代投资中。

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.

根据瑞银高管的说法，富裕的投资者正在减少对美元计价的资产的曝光率，并将资本转移到中国市场，黄金和替代投资中。

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

在美国和中国之间的贸易紧张局势减轻，对中国不断发展的创新部门的兴趣不断增加，这种趋势已经扩大。

US-China Tariff Truce Sparks Renewed Interest in Chinese Assets

美国 - 中国关税休战激发了对中国资产的重新兴趣

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.

瑞银（UBS）和摩根士丹利（Morgan Stanley）的高管报告说，富裕的客户正在考虑在中国的投资机会，因为两国都进入了90天的关税停战，从而减少了进口关税。

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%.

美国将其总计145％的中国进口税率扩大到30％，而中国对美国商品的关税从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.”

根据瑞银高级主管Lo的说法，两国之间最近的参与已经创造了新的势头，中国资产成为国际投资活动中客户询问的主要重点。 Lo注意到，不仅在传统持有量，而且对加密货币和商品（包括黄金）中的兴趣增加，她称其为“变得非常受欢迎”。

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.

香港的股票指数主要由中国公司加权，今年在全球表现最好。改善的外交氛围也加剧了美国市场的看涨情绪，纳斯达克100号靠近牛市市场，而唐纳德·特朗普总统认可了美国 - 中国关系的全部重置后，美元升值。

Strategic Portfolio Adjustments

战略投资组合调整

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）为亚洲的投资管理服务主管Au-Yeung表示，这项关税协议在这两个国家都开辟了令人兴奋的机会。她还指出了美国市场的实力，但她还指出，中国的估值并不要求。

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建议对超高净值客户的客户制定40％固定收入，40％股票和15％的替代资产的分配策略，其余的现金或同等资产。她补充说，鉴于今天的波动率与2008年后时期相比，在未来十年内提供7-8％的年收益将需要更多的努力。

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.

瑞银（UBS）的LO证实，基于美元的资产正在失利。客户为持续波动做准备时，客户涉及黄金，数字资产和替代货币。传统的以美国为中心的投资组合让位于全球多元化的持股，这是与正在进行的地缘政治发展一致的趋势。