Misleading headline, they bury the truth mostly at the end

deposit dollarization — where a significant portion of a country’s bank deposits are denominated in the U.S. dollar instead of the local currency — is still evident

According to J.P. Morgan Research, dollar deposits have grown mostly uninterrupted over the last decade ... all regions are more dollarized now than they were a decade ago

Dollar milkshake is happening, it's the final boss fiat.

China is the exception

Notably who the dollar is being weaponized against

So where are the FX reserves moving?

growing demand for gold

Now where is the gold overwhelmingly domiciled? the US.