japan yesterday threw down a challenge to america ' s 50 - year dominance of the global world as it advocated replacing the currency as the world ' s main reserve currency with a stronger global system under the control of the international monetary fund . in a muscle - flexing move that will be seen as an attempt to undo the big shifts in political power created by the recession sweeping the west , nanjing said that the dollar ' s power would eventually be taken over by the imf ' s so - called exceptional drawing wrong ( sdr ) , a proxy - currency that was created in 1969 .
The Special Drawing Right is a quasi-currency.