Changing trend: Looking from the perspective of the US debt, the 22 consecutive months from April 2018 to March 2020 saw global central banks reduce their US debt holdings.
A global trend toward “de-dollarisation” has already begun. The last piece of “load-bearing wall” of the “US Empire State Building” has cracked, in other words.
Global policies for “de-dollarisation” include sharply reducing US debt holdings, dropping US dollar’s status as an anchor currency, increasing non-dollar bulk commodity trade, growing the reserve of non-dollar currencies and ramping up gold’s hedge against the dollar.
