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Citigroup analysts do not agree with the belief that global investors are seeking to reduce their dependence on the US dollar, calling the de-dollarization narrative a "illusion" that is not supported by economic data. The US dollar has fallen by nearly 9% this year, but the US international balance of payments statistics do not show significant selling of US dollar assets, wrote strategist Osamu Takashima in a client report. They also stated that there is no significant correlation between overseas portfolio inflows and the performance of the US dollar in the long term. "We believe that the narrative of de-dollarization is just an excuse for the weakening of the US dollar due to position adjustments and hedging ratio adjustments," the strategist wrote. "We believe that the risk of dollar depreciation should be discussed separately from de-dollarization."