The 2025 Hong Kong Exchanges and Clearing China Opportunities Forum was held in Shanghai on October 22nd. Ba Shusong, Managing Director and Chief China Economist of the Hong Kong Exchanges and Clearing Limited, stated that the rapid growth of global debt is unsustainable, and traditional safe-haven assets face a redefinition. The rise in gold and Bitcoin prices reflects deep concerns about the declining purchasing power of fiat currencies, which is closely related to the de-dollarization process. The US dollar's share of global reserves has fallen from 60% in 2000 to 41% in 2025. Currently, the global market value of gold has exceeded US$27 trillion, making it the world's second-largest reserve asset.