Key takeaways While the U.S.’s share in global exports and output has declined, the dollar’s transactional dominance is still evident in areas including FX volumes and trade invoicing. On the other hand, de-dollarization is unfolding in central bank FX reserves, where the share of USD has slid to a two-decade low. In fixed income, the share of foreign ownership in the U.S. Treasury market has fallen over the last 15 years, pointing to reduced reliance on the dollar. De-dollarization is most visi...