From Newsmax:

China's central bank chief wants to see the dollar replaced as the world's reserve currency by the International Monetary Fund's Special Drawing Right (SDR).

The IMF created SDRs in 1969 to support the Bretton Woods fixed exchange-rate system. But they became insignificant when that regime collapsed in the early 1970s.

Now the SDRs value is tied to a basket of four currencies: the dollar, euro, yen and pound. It's used mainly as an accounting unit by the IMF and some other international organizations.

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