The highest US tariffs in almost a century have had a muted impact so far on global growth, but Asian policymakers aren’t lulled by the calm. They’re taking their cues from jumpy markets and plotting what appears to be a mutiny against King Dollar. In the 1960s, the French could only rail against America’s exorbitant privilege. In the 2020s, China — aided by other countries — may be in a position to challenge it. Those searching for evidence of that uprising in payment flows are looking in the wrong place. For years to come, de-dollarization will remain hidden in additions and alterations to financial plumbing. The cumulative effects will take time to show. With little fanfare, China’s e-CNY, the official digital currency, has gone from being interest-free cash to a yield-bearing product of commercial banks. It’s a profound change.