De-dollarisation headlines overstate the trend and understate the mechanism. The dollar's position rests on depth, legal certainty and the absence of alternatives at scale — none of which is threatened by bilateral trade deals settled in other currencies.
Watch the plumbing, not the rhetoric
The indicators that would actually matter: a credible alternative repo market, a rival's capital account opening, and invoice-currency shifts in commodities. Until those move, diversification talk is hedging, not exit.