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China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, in an attempt to slow the yuan's depreciation.

Offshore branches of the state banks were also seen selling dollars during London and New York trading hours this week.

 On the other side of the coin: The U.S. dollar saw an 8% decline in its share of global reserves in 2022 — causing some to question whether the dollar’s days of dominance are over.

Treasury Secretary Janet Yellen gave her two cents on the matter of so-called “de-dollarization” during a congressional hearing stating that no currency currently exists that could displace the greenback.         Just a thought.