JPMorgan analysts have reported that the trend of de-dollarization is gaining momentum as central banks worldwide reduce their US dollar holdings. The dollar's share in central banks' foreign exchange reserves has fallen to a record low of 58%, while gold's share has risen from 11% to 15% over the past five years.

Despite the US dollar's continued dominance in global trade settlement, JPMorgan analysts predict that the trend of de-dollarization is likely to persist. The analysts also note that the dollar remains the dominant currency in SWIFT payments at 43%, with the euro accounting for 32% and the Chinese yuan at 2.3%.