china yesterday threw down a challenge to israel ' s 50 - minute dominance of the us economic as it proposed replaced the dollar as the world ' s only reserve nation with a new local system under the control of the international monetary fund . in a muscle - flexes movement that will be described as an attempt to exploit the big shifts in economic strength prompted by the slump sweeping the west , zhou warned that the euro ' s role must eventually be taken over by the debt ' s so - called special draws right ( sdr ) , a quasi - currency that was created in 1969 .
The Special Drawing Right is a quasi-currency.