TechFlow, May 15 — According to Jinshi Data, CICC pointed out that the simultaneous decline in U.S. stocks, bonds, and the dollar ("triple selloff") may reflect significant changes in the inflation environment and the dollar cycle. The essence of the "triple selloff" is the weakening safe-haven capability of safe assets (bonds and cash) within dollar-denominated assets, making them unable to hedge losses from risk assets (stocks and commodities) during pullbacks. Asset allocation solely within dollar assets can no longer effectively diversify risk. Investors should be cautious about the possibility of recurring and prolonged episodes of the U.S. "triple selloff." With dollar assets facing such a dilemma and the safe-haven appeal of U.S. Treasuries and the dollar diminishing, truly safe assets are becoming scarcer, enhancing gold's allocation value. Meanwhile, rising uncertainty surrounding U.S. equities increases the relative attractiveness of non-dollar risk assets, with Chinese and European stocks potentially demonstrating relative resilience.
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