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

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  • Owen F. Humpage

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.

Suggested Citation

  • Owen F. Humpage, 2009. "Replacing the dollar with special drawing rights--will it work this time?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Mar.
    • Handle: RePEc:fip:fedcec:y:2009:i:mar
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    Keywords

    Special drawing rights; Bank of China;

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