Sutthipong Kongtrakool/ Getty Images Signs of de-dollarization are showing in FX and central bank reserves, JPMorgan said. But the dollar remains the dominant currency in global transactions. "Some signs of de-dollarization are emerging; this trend is likely to persist but USD should maintain its large footprint for the foreseeable future." 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."Some signs of de-dollarization are emerging; this trend is likely to persist but USD should maintain its large footprint for the foreseeable future," they said.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%.
De-dollarization Signs Are Emerging As The Greenback Slides In Currency Reserves, Jpmorgan Says
fdemott@insider.com (Filip De Mott), Business Insider
Tue, 06/06/2023 - 7:30am
Topics: sutthipong kongtrakool getty images signs west russia ukraine usd swift china goldman sachs business insider fx jpmorgan us de-dollarization emerging greenback currency share future remains foreign global trend transactions record yuan central exports footprint large maintain persist compromises declined exchange trade volumes foreseeable analysts
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