Wake up and smell the data

The FT argues that “the dollar's decline in status is greatly exaggerated:  "Emerging central banks, led by China, have piled into US assets.  A far higher proportion of US government debt is held by foreigners than is true of Eurozone or Japanese government debt.  So international trust in the US continues to be deep."  (John Authers, FT Weekend, p16) This belies that fact that China now has only 31% of its reserves in dollars compared to over 70% a few years ago and that dollars are now a minority of reserves globally (assuming one doesn’t count the Fed’s massive holdings of dollars.)  The FT should wake up and smell the data.  The US dollar has already, alas, lost its dominance.