Ruble volatility will get worse in Russia amid fresh US sanctions, but this offers a way for the Chinese yuan to cement its role, a think tank says.
The US dollar won't be displaced by any of its rivals anytime soon, Morgan Stanley said.
China sold a record $53.3 billion worth of US Treasurys and agency bonds last quarter as it accelerates diversification from dollar assets.
Russian firms are already facing high debt costs as the country's central bank keeps rates high to fight inflation.
"It is clear that traditional US allies, such as Egypt, Saudi Arabia, and the UAE, are already exploring ways to dedollarize."
Obstacles include China's capital controls and the longstanding popularity and use of the US dollar, one scholar says.
"Although China's holdings of US debt are down, after some adjustments, it's a lot less than the headline implies," Ned Davis Research said.
Moscow has been stoking the de-dollarization movement by refusing to settle contracts using so-called "toxic currencies".
The onshore yuan languishes around 7.32 per dollar, its weakest since 2007, even after the People's Bank of China intervened to curb the slump.
"But if the price of saving the economy from entrenched deflation is a weaker renminbi, it is a price worth paying," said economist Shang-Jin Wei.
China's central bank is battling to prop up the renminbi amid signs that the country's post-COVID economic recovery is faltering.