The safe-haven status of the US dollar is weakening but its foundation remains unshaken, de-dollarization has not accelerated.

The latest research report from the Netherlands International Group pointed out that since 2024, the safe-haven properties of the US dollar have weakened slightly, but its global dominance has not yet been systematically shaken. The report analysis shows that by calculating the correlation coefficients of the US dollar index with US stocks and 10-year US Treasury bonds in the past three months, the US dollar has partially lost its traditional safe-haven function compared to 2024. However, the bank emphasized that there has not been observed a widespread or structural deterioration in global demand for the US dollar.