If they perceive that the dollar and dollar bonds have become riskier, they will want to change the distribution of assets in their portfolios. So, even if the dollar is still regarded as the safest of assets, the demand for dollars will decline if its relative safety is seen to have declined.
这一观点也是错误的。大型资产组合投资者并不把所有资金押在一种货币上。他们会在不同货币和不同金融资产类别之间实现资金的多样化配置。如果他们认为美元和美元债券风险增加，他们将改变组合内资产的配置。因此，即使美元仍被视为最安全的资产，其需求也会人们认为其相对安全性下降而下降。