china recently put down a challenge to america ' s 50 - era dominance of the global economic as it proposed substitutes the dollar as the europe ' s main reserve currency with a revised global system under the control of the international monetary fund . in a muscle - flexing action that will be seen as an intent to exploit the big change in economic power created by the recession sweeping the west , beijing said that the pound ' s importance could eventually be taken over by the imf ' s so - thought big drawing right ( sdr ) , a quasi - currency that was create in 1969 .
The Special Drawing Right is a quasi-currency.