For Dollar’s Sake： Emerging Markets Defy De~dollarization

Global Emerging Markets Research 01 August 2024 J P M O R G A N For Dollar's Sake: Emerging Markets Defy De-dollarization • US dollar bank deposits in Emerging Markets are an overlooked but critical barometer of the US dollar's role as a global reserve currency. • This is because dollar-denominated deposits represent the genuine confidence of the private sector in the dollar as a store of value, unlike official holdings, which may be swayed by geopolitical and other non-economic considerations. • Dollar-den ...