Morgan Stanley states that the dollar's role in the global system is being steadily and gradually weakened, but with limited credible alternative currencies remaining, gold has become the biggest challenger to the dollar in an increasingly multipolar world. According to Morgan Stanley's research, the dollar's international influence has declined across several indicators, including a decrease in its share of central bank foreign exchange reserves and a reduction in its use in corporate and emerging market sovereign debt issuance. Despite this, the dollar still holds the largest share of global reserves, suggesting that no truly significant challenger has yet emerged. However, the situation changes when gold is taken into account. Gold's share of central bank assets has risen from approximately 14% to 25%-28%, and this upward trend shows "no signs of slowing down." Risk premiums and hedging activities will continue to put pressure on the dollar while supporting gold demand. Furthermore, policy factors are currently at a "neutral to slightly accelerating" level in their role in promoting "de-dollarization," and the short-term evolution of these policies will determine how far this trend will ultimately go. (Jinshi)