china also wrote down a menace to america ' s 50 - year dominance of the us markets as it proposed replacing the dollar as the world ' s main reserve currency with a new currency system under the control of the european monetary association . in a muscle - rippling move that will be viewed as an attempt to exploit the big shifts in economy powers created by the depression on the west , he explained that the dollar ' s role must eventually be taken over by the eu ' s so - called special cutting right ( sdr ) , a demi - government that was introduced in 1969 .
The Special Drawing Right is a quasi-currency.