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[Morgan Stanley China Chief Economist Xing Ziqiang: Dollar Depreciation Leads To Appreciation Of Strategic Assets] On January 11, Xing Ziqiang, Chief Economist For China At Morgan Stanley, Stated At The 2026 China Chief Economist Forum That The Fiat Currency System, Represented By The US Dollar, Is Experiencing Credit Erosion, Leading To A Depreciation Trend Relative To Assets Outside Of Fiat Currencies. Strategic Assets Such As Energy And Precious Metals, As Well As Some Non-traditional Fiat Currency Assets, Are Increasingly Favored By The Market. Regarding The Future Trend Of The US Dollar, Xing Ziqiang Stated That The Current US Model Of Using High Growth And High Inflation To Lower Real Interest Rates And Thus Resolve Debt Is Similar To The Methods Used By The US To Resolve Debt After World War II. In The Long Run, Debt Resolution Methods Have Side Effects, And The Trend Of Dollar Depreciation Has Gradually Become Apparent

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