Traders and financial institutions are increasingly seeking alternatives to the U.S. dollar for currency hedging, signaling a broader global trend away from reliance on the greenback. This shift is gaining particular momentum in Asia, where banks and brokers report rising demand for currency derivatives that bypass the dollar. China has recently approved the use of foreign currencies by banks to finance expanded gold imports, reflecting a strategic move to replace U.S. dollars with tangible assets like gold. These developments highlight a growing international effort to diversify away from the dollar in global trade and finance.