A larger volume of oil is now being transacted in non-dollar currencies such as the Chinese yuan, JPMorgan said in its report.
Story continuescurrencies of the buyers or in the currencies of countries that Russia perceives as "friendly,""Overall, we find that the importance of the dollar has declined significantly from 2014 to 2022," Jahangir Aziz, the bank's head of emerging market economics research, said in the report.
To be sure, the US dollar is still maintaining its dominance with its share of general usage via the SWIFT payment system at over 40% — much higher than the euro at around 25% and the yuan at around 3% inAnd while JPMorgan now expects "marginal de-dollarization," to take place, the pace is not expected to be rapid. This is because the dollar is just too widely used in a vast global financial ecosystem.
"Instead, partial de-dollarization — in which the renminbi assumes some of the current functions of the dollar among non-aligned countries and China's trading partners — is more plausible, especially against a backdrop of strategic competition," the bank's analysts added, referring to the Chinese currency by its official name.
JPMorgan did not immediately respond to a request for comment from Insider sent outside regular business hours.
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