CITIC Securities: It is expected that the weakness of the US dollar will continue at least until the end of 2025.

According to the research report of CITIC Securities, starting in 2011, factors such as the relative advantage of the US economy, interest rate differentials, and the high attractiveness of US dollar assets have driven the US dollar into a strong cycle lasting more than ten years. However, starting in the second half of 2022, the narrowing policy differentials between the US and other countries have pushed the US dollar into a new weak cycle. Considering factors such as the policy differentials of the United States and the slowdown in US economic momentum, it is expected that the weakness of the US dollar will continue at least until the end of 2025.