De-dollarisation is gathering momentum, but the process of switching to settling global trade in multiple currencies is going at a glacial pace. The problem is that once glaciers start moving, they are impossible to stop. The Chinese yuan is the leading contender to replace the dollar. Globally the yuan still accounts for a small share of international trade, but there are growing pockets where it dominates. In Russia’s case, Beijing and Moscow settle almost all their trade in national currencies now, up from nothing pre-war. That makes a large patch of land in what was the Soviet Union that is now almost de-dollarized already. […]