[Morgan Stanley: The Challenge of Gold to Dollar Hegemony 'Shows No End'] According to a report by Golden Finance, Morgan Stanley stated that the role of the U.S. dollar in the global system is continuously and gradually being weakened. However, due to the limited availability of credible alternative currencies, gold has emerged as the biggest challenger to the dollar in an increasingly multipolar world. Based on Morgan Stanley's research, the international influence of the dollar has declined across several metrics, including its shrinking share in foreign exchange reserves held by central banks and its reduced usage in corporate and emerging market sovereign issuances. Nonetheless, the dollar still holds the largest share of global reserves, indicating that no significant challenger has yet emerged. However, when gold is taken into account, the situation changes. The proportion of gold in central banks' held assets has risen from approximately 14% to 25%–28%, and this upward trend 'shows no signs of slowing down.' Risk premiums and hedging behaviors will continue to exert pressure on the dollar while supporting demand for gold. Additionally, policy factors driving 'de-dollarization' are currently in a 'neutral to slightly accelerating' state, and the evolution of these policies in the short term will determine how far the de-dollarization trend ultimately progresses.