There was also a lot of propping up of currencies that happened due to dollar strength. A lot of central banks sold UST they held for their local currency to st

There was also a lot of propping up of currencies that happened due to dollar strength. A lot of central banks sold UST they held for their local currency to stop currency free fall as rates rose. This is a symptom of rates rising really quickly in the US than any de-dollarization I'd wager.