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Analysis: The Search for Global Safe Assets Beyond the Dollar

Published: May. 6, 2025  3:30 a.m.  GMT+8
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A screen displays the rate of the yen against the US dollar, top left, and other currencies outside a securities firm in Tokyo, Japan, on April 8, 2025. Photo: Bloomberg
A screen displays the rate of the yen against the US dollar, top left, and other currencies outside a securities firm in Tokyo, Japan, on April 8, 2025. Photo: Bloomberg

Policies under U.S. President Donald Trump and the growing impact of tariff conflicts are reshaping the landscape of global safe-haven assets.

Traditionally secure holdings such as the U.S. dollar and Treasuries, relied on since the 2008 financial crisis, are now increasingly viewed as carrying elevated risks. As a result, global investors — from sovereign wealth funds to institutional and retail participants — are intensifying their search for alternative safe assets.

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