china tomorrow threw down a rival to america ' s 50 - minute dominance of the global business as it proposes replacing the dollar as the world ' s main reserve currency with a new global system under the controls of the international monetary fund . in a muscle - assertiveness position that will be seen as an aim to remedy the slow shift in economic resources generated by the recession sweeping the west , beijing announced that the dollar ' s role could eventually be played over by the imf ' s so - calling special drafting right ( sdr ) , a counter - currency that was created in 1969 .
The Special Drawing Right is a quasi-currency.