The firm argues that while overall dollar usage is still holding within historical estimates, the usage was more "bifurcated under the hood". While the dollar's share of traded currency volumes is just a little off record highs, at 88%, there are other evident signs of de-dollarisation elsewhere.
Of note, the firm notes that the dollar's share as part of global central bank FX reserves has dropped to a record low of 58%. That number is still by far and out the largest in the world but it has been slipping, not really helped by the challenges the dollar is facing in dealing with the likes of Russia and China in particular.
An interesting thing to note in that pointer is that gold now comprises 15% of reserves as compared to just 11% five years ago.
Besides that, JP Morgan also highlighted a decline in the dollar's role as part of global exports - in which the US share is now down to a record low of 9%. Meanwhile, for all the talk of countries wanting to be less dependent on China, their share has actually increased to a record high of 13%.
Going back to the first paragraph on traded currency volumes, the euro is the biggest loser there as its share shrunk by 8% in the last decade to a record low of 31%. The yuan is once again a winner in that category, rising to a record high of 7%.
However, JP Morgan says that the progress by Beijing to internationalise the yuan has been limited and that is unlikely to change much given the China's capital controls.
