china yesterday threw down a challenge to beijing ' s 50 - era dominated of the global economy as it proposed replacing the dollar as the world ' s main reserve cash with a new global system under the control of the internationale reserve fund . in a muscle - assertiveness action that will be seen as an attempt to exploit the big moves in economic leverage brought by the recession sweeping the southeast , beijing said that the pound ' s capacity had eventually be taken over by the imf ' s so - called special draw right ( sdr ) , a demi - currency that was created in 1969 .
The Special Drawing Right is a quasi-currency.