[Bank of America: The Structural Depreciation of the Dollar Is More Likely to Originate from Europe] According to Jinshi reports, Bank of America believes that the dollar is currently still in an unstable state. While there is widespread attention on certain regions and countries around the world reducing their reliance on dollar-denominated assets, greater focus should be placed on the situation in Europe. Bank of America pointed out that, in terms of a new round of structural sell-off of the dollar, the emphasis should be on the European region, as holdings there are primarily concentrated in equities and have relatively low hedge ratios. Currently, equity fund flows do not show signs of large-scale withdrawals, but over time, incremental funds seem more likely to flow to non-U.S. markets, while also facing the risk of higher hedge ratios.