From the outline above, we can see that a country usually holds the status of having it’s currency as the foremost reserve currency for around 100 years. The same will be true of the US dollar, and we can already see that it is losing this status as many cross-border transactions between countries are now being settled in other currencies, such as the yuan or ruble.The process of de-dollarisation began in earnest in 2008, as a result of the credit crunch, and recently the tempo increased again due to the USA’s rash behaviour in the international arena through it’s aggressive sanctioning of supposedly “hostile” countries. In fact, these sanctions have backfired, as countries have been forced to create systems of payment to circumvent them and the dollar.Let’s have a look at the numbers. First an overall view from the IMF, which recorded in 2021 that central bank holdings of US dollar reserves went down from 71% to 59% between the years 1999 and 2021. What is more striking is the data from the countries associated with BRICS and those of the East. For instance, trade between Russia and China is now handled solely using the ruble or yuan, whilst Russian foreign exports settled in dollars are down from 80% to around 50%. Similar trends can be seen between other countries and their trade data.