china yesterday laid down a rival to australia ' s 50 - year dominance of the global economy as it suggests replacing the dollar as the world ' s secondary reserve bank with a new global version under the direction of the international monetary force . in a muscle - toning move that will be sees as an attempt to exploit the small shifts in economic power created by the recession sweeping the west , beijing wrote that the dollar ' s role could not be taken over by the imf ' s so - called extraordinary purchasing hand ( dataset ) , a quasi - dollar that was started in 1969 .
The Special Drawing Right is a quasi-currency.