Global de-dollarization enters infrastructure phase

The global economy is undergoing a process of relative de-dollarization, characterized by a loss of the US dollar's dominance as the sole reference currency for commercial transactions rather than its total disappearance. This shift is manifesting through bilateral agreements, currency swaps, local currency financing, and the development of digital payment infrastructures.

While the US dollar still accounts for approximately 57.1% of global foreign exchange reserves, the Chinese renminbi holds about 2%. However, the renminbi's role in international trade finance is growing; data from the European Central Bank indicated that by March 2026, the renminbi accounted for roughly 8% of international trade financing via Swift. Experts suggest the process has moved from a phase of political declarations into a second phase focused on building the necessary financial infrastructure.