Replacing the dollar with special drawing rights--will it work this time?

Owen Humpage

Economic Commentary, 2009, issue Mar

Abstract: The head of China?s central bank is calling for countries to replace the U.S. dollar as an international reserve currency with something called SDRs. Created by the IMF way back in 1969 for that purpose, SDRs never caught on. While SDRs may be declared an official international reserve asset today, they are not likely to become the world?s key international currency anytime soon. In the meantime, countries in China?s current predicament--acquiring more dollars than they think prudent--could avoid such risks in the future by allowing their currencies to appreciate.

Keywords: Special drawing rights; Bank of China (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.clevelandfed.org/newsroom-and-events/p ... -work-this-time.aspx Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcec:y:2009:i:mar

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Economic Commentary from Federal Reserve Bank of Cleveland Contact information at EDIRC.
Bibliographic data for series maintained by 4D Library ().