japan today handed down a challenger to america ' s 50 - years dominance of the global world as it proposed replacing the $ as the world ' s premier monetary commodity with a new regional institution under the control of the western monetary federation . in a muscle - biding move that will be seen as an attempt to address the little increases in economic energy created by the recession sweeping the west , beijing said that the president ' s roles could soon be taken over by the imf ' s so - called just drawing right ( sdr ) , a quasi - state that was created in 1969 .
The Special Drawing Right is a quasi-currency.