Amid worsening global K-shaped divergence fueled by a rare triple price shock in energy, chips, and food, international capital flows are expected to shift toward a trend of de-dollarization lite, Robert Subbaraman, managing director and head of global macro research at Nomura, said in an interview with Yicai. Driven by rapid AI adoption, industrial upgrading, and attractive valuations, Chinese assets present an irreplaceable advantage for future global diversification, he added.