china ago throw down a challenge to america ' s 50 - era dominance of the global industry as it propose replacing the dollar as the global ' s main reserve currency with a new monetary system under the control of the international monetary fund . in a strength - flexing step that will be seen as an attempt to exploit the big shifted in economic power created by the recession sweeping the western , nanjing said that the dollars ' s role could never be taken over by the imf ' s so - described super drawing right ( gic ) , a quasi - currency that was created in 1969 .
The Special Drawing Right is a quasi-currency.