china yesterday handed down a challenge to america ' s 50 - year dominated of the global economy as it proposed replacing the dollar as the world ' s main reserve currency with a new global system under the supervision of the international monetary fund . in a muscle - flexing move that will be perceived as an attempt to exploit the massive shifts in economic capacity induced by the recession sweeping the east , washington said that the dollar ' s role will eventually be taken over by the imf ' s so - called special drawing right ( sdr ) , a pseudo - currency that was launched in 1969 .
the special holding hand is a quasi - currency .