Goldman Sachs Sees Asian Currencies Benefiting from De-Dollarization Trend

Geopolitical tensions and US tariff policies under the Trump administration are accelerating a global shift away from dollar dominance. Goldman Sachs analysts identify South Korea’s won, Singapore’s dollar, and China’s yuan as primary beneficiaries of this structural change in reserve allocations.

The April 30 research note highlights a decade-long diversification trend among central banks, with ’non-traditional’ reserve assets gaining traction. While the dollar and euro maintain leading positions, their share appears increasingly vulnerable to erosion.

Market strategists observe this realignment coincides with growing institutional interest in alternative stores of value. Cryptocurrency markets often react to such macroeconomic shifts, though no specific digital assets were mentioned in the report.