china yesterday threw down a challenge to america ' s 50 - year dominance of the global business as it proposed replacing the dollar as the world ' s top reserve currency with a new globally system under the control of the international monetary fund . in a muscle - flexed move that will be interpreted as an attempt to exploit the great shifts in economic influence created by the growth of the northeast , beijing said that the dollar ' s roles had subsequently be taken over by the imf ' s so - called global drafting center ( mems ) , a quasi - policy that was born in 1969 .
The Special Drawing Right is a quasi-currency.