chinese yesterday cast down a competitor to america ' s 50 - year dominance of the global economy as it discussed replaced the dollar as the world ' s main primary nation with a second global scheme under the influence of the international money fund . in a stress - flexing moves that will be seen as an attempt to exploit the big transformations in economic resources created by the recession to the west , beijing added that the dollar ' s capacity could eventually be taken over by the imf ' s so - called limited drawing rights ( drachmas ) , a counter - treasury that was conceived in 1969 .
The Special Drawing Right is a quasi-currency.