china yesterday cast down a challenge to australia ' s 50 - year dominance of the global system as it proposed combining the cent as the world ' s leading capital currency with a new global system under the guidance of the external monetary authority . in a fu - flexing position that will be seen as an aim to exploit the big shifts in economic ability produced by the recession of the north , beijing said that the coin ' s role could now be taken over by the imf ' s so - called special draft hand ( kopassus ) , a semi - government that was created in 1969 .
The Special Drawing Right is a quasi-currency.