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 tensions 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 Implications - The uncertainty surrounding US trade policies has led to a significant decline in the dollar, with the dollar index dropping over 8% since the beginning of the year, marking its worst performance in the first five months [6]. - Analysts suggest that while many countries are reducing their dependence on the dollar, replacing it as the primary reserve currency remains challenging [6][7]. - The potential implementation of punitive tax measures against countries perceived as having unfavorable tax policies could further accelerate the de-dollarization trend [6]. Group 3: Currency Hedging and Investment Strategies - Asian investors are increasingly hedging against dollar exposure, with notable increases in hedging ratios among Japanese and Taiwanese insurance companies [3]. - The trend of hedging is seen as a response to the volatility of the dollar, with investors selling dollars and buying local or other currencies, which may lead to a rise in non-dollar currencies [3]. - Despite the ongoing de-dollarization, the dollar remains dominant in global trade, with over half of global trade still settled in dollars as of April [7].