---
title: "Invoicing currencies and the limits of de-dollarization"
description: "The US dollar, invoicing currency and de-dollarization appear on 67 recent papers in the finance and economics journals, and the yuan's use in trade settlement has risen since 2022. Yet only 23 of those papers connect the dollar to trade invoicing or the renminbi. Is de-dollarization happening in the currency of contracts, or only in the headlines?"
url: https://scholar4ai.com/ideas/dollar-invoicing-and-de-dollarization
markdown_url: https://scholar4ai.com/ideas/dollar-invoicing-and-de-dollarization.md
license: CC BY-NC 4.0 (https://creativecommons.org/licenses/by-nc/4.0/)
share_text: "Invoicing currencies and the limits of de-dollarization: The US dollar, invoicing currency and de-dollarization appear on 67 recent papers in the finance and economics journals, and the yuan's use in trade settlement has risen since 2022."
date: "2026-10-23"
updated: "2026-10-23"
status: "seed"
tags: ["economics", "finance", "international"]
keywords: ["US dollar", "invoicing currency", "de-dollarization"]
---

# Invoicing currencies and the limits of de-dollarization

The US dollar, invoicing currency and de-dollarization appear on 67 recent papers in the finance and economics journals, and the yuan's use in trade settlement has risen since 2022. Yet only 23 of those papers connect the dollar to trade invoicing or the renminbi. Is de-dollarization happening in the currency of contracts, or only in the headlines?

## What prompted this

Since October 2025, 67 papers carry a dollar, invoicing-currency, de-dollarization or currency-internationalization keyword (33 in finance journals, 32 in economics): "US dollar" on 21, "dollarization" on 6, "invoicing currency" on 5, "de-dollarization" on 4. Only 23 of the 67 also carry an invoicing, trade, pass-through, renminbi or reserve-currency keyword.

## Questions

- In countries that announced yuan settlement with China, what share of actual trade contracts switched currency, and did it change exchange rate pass-through to their import prices?
- Do exporters invoice in yuan when they can, or do they want dollars even for trade with China?
- Has the share of dollar invoicing in global trade changed measurably since 2022, outside of Russia?

## Data that could help

Customs data with invoicing currency (available for the EU, some Asian countries and Russia), SWIFT currency shares, and central bank reserve composition (IMF COFER).

## Next step

Compare invoicing currency shares in customs data for countries that signed yuan settlement agreements with those that did not, before and after the agreements.

## Related research activity

*The keywords this note follows, in the tracked finance, accounting, economics, management, operations research and AI journals as of 2026-10-26*

| Keyword | Papers, last 30 days | Rank | Papers per month, Oct 23 – Oct 26* | Papers, last 36 months |
|---|---:|---:|---|---:|
| US dollar | 1 | #2881 | 0, 2, 1, 0, 2, 3, 3, 4, 2, 4, 2, 4, 3, 0, 0, 1, 3, 3, 2, 1, 1, 3, 3, 3, 1, 2, 3, 2, 3, 0, 5, 0, 1, 0, 1, 3, 0 | 71 |
| invoicing currency | 0 | – | 0, 1, 0, 1, 0, 0, 1, 0, 0, 0, 0, 1, 0, 0, 1, 0, 0, 0, 0, 0, 0, 0, 0, 0, 1, 1, 0, 0, 1, 0, 1, 0, 1, 0, 0, 0, 0 | 10 |
| de-dollarization | 0 | – | 0, 1, 0, 0, 0, 1, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 1, 2, 1, 0, 0, 0, 0, 0 | 6 |

## Cite this page

Scholar4AI. (2026). Invoicing currencies and the limits of de-dollarization. Journal Research Rankings. Retrieved October 23, 2026, from https://scholar4ai.com/ideas/dollar-invoicing-and-de-dollarization

```bibtex
@misc{scholar4ai-ideas-dollar-invoicing-and-de-dollarization,
  author = {{Scholar4AI}},
  title = {Invoicing currencies and the limits of de-dollarization},
  year = {2026},
  howpublished = {\url{https://scholar4ai.com/ideas/dollar-invoicing-and-de-dollarization}},
  urldate = {2026-10-23},
  note = {Journal Research Rankings; data from OpenAlex (CC0); licensed CC BY-NC 4.0}
}
```

License: CC BY-NC 4.0 (https://creativecommons.org/licenses/by-nc/4.0/).