china now threw down a challenge to america ' s 50 - year dominance of the global economy as it proposed replacing the dollar as the world ' s primary reserve , with a new global system under the controls of the internationale monetary fund . in a muscle - flexing move that will be seen as an attempt to exploit the big shifts in economic power produced by the recession swept the western , it said that the dollar ' s purpose could now be taken over by the eu ' s so - called global drawing right ( sdr ) , a quasi - treasury that was formed in 1969 .
The Special Drawing Right is a quasi-currency.