去美元化，这一回亚洲经济体是“认真”的

Core Viewpoint - The article discusses the rising trend of "de-dollarization" in Asia, driven by various factors including geopolitical uncertainties and the desire to reduce reliance on the US dollar for trade and investment [1][2]. Group 1: De-dollarization Trend - ASEAN has committed to promoting the use of local currencies in trade and investment through measures like local currency settlement and enhancing regional payment connectivity [1]. - The trend of de-dollarization is gaining momentum as individuals and businesses in ASEAN begin to convert dollar savings back to local currencies, and large investors actively hedge foreign investments [2]. - The share of the US dollar in global foreign exchange reserves has decreased from over 70% in 2000 to 57.8% in 2024, indicating a global reduction in reliance on the dollar [4]. Group 2: Market Reactions and Strategies - Investors are reassessing their portfolios, moving away from dollar-heavy allocations due to the perception of the dollar being used as a weapon in trade and sanctions [2]. - Asian economies, particularly those heavily reliant on trade, are expected to see a significant decline in demand for the dollar, with over 80% of trade in the 10+3 cooperation mechanism still denominated in dollars as of last November [3]. - There is a notable increase in dollar exposure hedging among Asian investors, with Japanese life insurance companies raising their hedging ratio from approximately 44% to around 48% in recent months [3]. Group 3: Structural Changes and Challenges - The article raises the question of whether the current de-dollarization trend is a temporary phase or indicative of a more profound structural change [4]. - Despite the ongoing trend, experts caution that replacing the dollar as the primary reserve currency remains challenging, with significant hurdles still in place [7]. - The potential for structural change may depend on the US's implementation of sanctions and the behavior of central banks regarding dollar holdings [7].