The De-Dollarization of the Dollar

A colleague of mine in Singapore, Alex Wolff did some really interesting analysis we have some charts in here that show just how different China looks relative to freely floating currencies. The problem is China appears to not really want to have a fully convertible capital account because we have no idea how much renminbi could leave and cause a collapse in Chinese real estate markets. So yes, there are seeds of de-dollarization happening but you know this is a really good example of something where you want to see the numbers before you make any judgments about reserve currency status.