India, March 31 -- De-dollarisation is a natural process of stabilisation as the dollar's presence in world markets - in foreign-exchange transactions (88.5%), trade invoicing (50%), SWIFT payments (42.3%), international debt securities (42%) and cross-border loans (32%) - far exceeds the United States (US) economy's share of both global Gross Domestic Product (less than 25%, down from 45% after World War II) and international trade (less than 12%).

Indeed, the share of the dollar in global central bank foreign currency assets has been falling steadily and is now down to 59% from over 70% in 2001 (and 85% in 1977). About 25% of this decline was the result of some countries (Singapore and Malaysia, for instance) including China's renminbi...