The de-dollarization trend appears to be far from global: The US Dollar’s proportion of official global FX reserves is down to 57%, its lowest in at least 30 years. This percentage has declined -20 points since 1999, with China and, to a lesser extent, Russia driving much of the decline. Over the same period, the combined proportion of the 4 major reserve currencies, the US Dollar, Yen, Euro and Pound, has fallen -12 percentage points, to ~87%, also its lowest in at least 30 years. Meanwhile, roughly equal numbers of countries increased and decreased their US Dollar reserves between 2015 and 2023. Therefore, the decline is heavily concentrated among a small number of reserve holders, suggesting the US Dollar's position in most reserve portfolios remains relatively stable. The threat to the US Dollar’s reserve currency status appears limited.(The Kobeissi Letter)