关税成催命符，亚洲去美元化愈演愈烈！

Core Viewpoint - The demand for currency derivatives that bypass the US dollar is rising due to heightened trade tensions, indicating a significant acceleration in the trend of de-dollarization [1][2][3]. Group 1: Increasing Demand for Non-Dollar Transactions - Companies are increasingly receiving requests for transactions involving currencies like the renminbi, Hong Kong dollar, UAE dirham, and euro, indicating a shift away from dollar-denominated trades [1][2]. - The use of non-dollar currencies is being driven by technological advancements and increased liquidity, with market participants believing that pricing in non-dollar currencies may not be worse than using the dollar [2][3]. - The trend of bypassing the dollar is evident in various regions, with tighter business ties between China, Indonesia, and the Gulf region stimulating demand for non-dollar hedging [2][3]. Group 2: Renminbi's Growing Role - The renminbi's share of global payments has increased to approximately 4.1% as of March, although it remains significantly lower than the dollar's 49% share [4]. - The Cross-Border Interbank Payment System (CIPS) processed about 175 trillion renminbi (approximately 24 trillion USD) in cross-border payments in 2024, reflecting a year-on-year growth of over 40% [4][7]. - Chinese exporters are increasingly converting dollar revenues into renminbi, reversing previous trends driven by concerns over renminbi depreciation [7]. Group 3: Structural Changes in Dollar Usage - The dollar's role as a dominant currency in global trade is being eroded, with its use as an intermediary currency accounting for about 13% of its daily trading volume [2][3]. - The ongoing geopolitical tensions and the perception of the dollar being weaponized have led to increased interest in de-dollarization among various countries [3][10]. - Analysts suggest that while the dollar's dominance is resilient, the risk of a significant shift in the international monetary landscape is increasing [10].