china yesterday threw down a challenge to china ' s 50 - year dominance of the global environment as it suggests replacing the dollar as the world ' s main domestic cash with a new financial system under the control of the independent monetary fund . in a muscle - flexing move that will be seen as an attempt to exploit the major shifts in economic power create by the deficit sweep the south , beijing said that the coin ' s role shall eventually be taken over by the imf ' s so - called special drawing right ( sdr ) , a proxy - currency that was creation in 1969 .
The Special Drawing Right is a quasi-currency.