Morgan Stanley's private banking Asia macro strategy head Tang Yuxuan stated that recent market movements further support holding gold and appropriately allocating non-US dollar assets within investment portfolios. Emerging market assets are attractive both in the current environment and in scenarios where US dollar flow factors subside, returning to a pattern of accelerating global economic growth. The bank's dollar diversification strategy framework recommends allocating approximately 30% of a portfolio to non-USD markets that possess good liquidity and depth. Tang Yuxuan indicated that the recent weakening of the US dollar is not due to changes in growth or monetary policy expectations. In fact, since the beginning of the year, interest rate differential movements have actually been favorable for the dollar. The current situation is similar to that of last April, primarily driven by capital flows and market sentiment prompting a sell-off of the dollar. The bank believes this situation is ultimately temporary, much like last year. As the US economy gradually recovers this year, the dollar is expected to stabilize once again. She added that when economic growth and interest rates re-emerge as dominant factors, the bank tends to initiate short positions on the euro against the US dollar when it rises above 1.18 to 1.20. However, growth-sensitive currencies such as the Australian dollar and emerging market currencies may still maintain their strength relative to the US dollar.