Macro Corporate Spotlight - De-dollarization: Fact and fable

De-dollarization has increasingly become a substantive topic of discussion among corporate clients and market participants more broadly. We discuss de-dollarization related to changes in the structural demand for the dollar and its use as a reserve currency. This encompasses areas that relate to the longer-term use of the dollar, such as transactional dominance in FX volumes or commodities trade, denomination of liabilities or share in central bank FX reserves. J.P. Morgan clients can access the report "De-dollarization: Fact and fable" in the new Macro Corporate Spotlight series at jpmorganmarkets.com.    Speakers Luis Oganes - Head of Global Macro Research Meera Chandan - Co-Head of FX Strategy Saad Siddiqui - Head of EM Rates and FX Strategy Jay Barry - Head of Global Rates Research Greg Shearer - Head of Base and Precious Metals Research   This podcast was recorded on 09 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5000511-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

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