Yes, there is a trend of De-Dollarization and a reduction of intern. USD holdings as reserve assets in the global trade. Recent data from china proof that they are selling US-bonds to hold gold as collateral.

But why is nobody talking about the fall of the Euro as intern. settlement layer? The euro has fallen from 39.5% of global payments outside the euro-zone to just 13.6% in just over two years, with the dollar absorbing most of those payments.

My thesis: The emerging sovereign bond crisis (watch them defend certain yield levels) that ECB President Christine Lagarde works to paper over is being ignored by the distraction about de-dollarization. Media is playing its role, capital markets still don't price in european credit risks rising with the growing recession. Let's see how this plays out... watch yield spreads between US10Y and german and italian counterparts to understand where we are at the process of repricing assets.