USD share of allocated global FX reserves fell from ~73% (2001) to ~56% (2025), absorbed mostly by gold and a basket of smaller currencies — not a rival (RMB ~2.5% despite a decade of internationalisation policy) — while dollar FX trading volumes hold ~88%. De-dollarisation is a real long-run vector but, on the empirical record, not a near-term investment thesis.

as of June 8, 2026