De-dollarization signs are emerging as the greenback slides in currency reserves, JPMorgan says
While a near-term rupture in the greenback's dominance is unlikely, divergence away from dollar usage is beginning to show, JPMorgan analysts wrote in a Monday note.
For now, the currency remains"top-of-class" in global transactions, and accounts for 88% foreign exchange volumes, while its share of trade invoicing has remained steady for two decades, between 40% and 50%. And the dollar's share of foreign exchange reserves has also dropped. That trend was accelerated after the West froze Russia'sin reserves last year for its Ukraine invasion — prompting other nations to decrease their reliance on the US currency.
Meanwhile, the dollar has started to lose to gold, as foreign central banks have bought the commodity in over the past few quarters. The yellow metal now compromises 15% of total assets, versus the dollar's 44%.
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