From BCA Research:

... leaked parts of the upcoming G20 Communique do not hint that such a "super sovereign" currency is being seriously discussed at high levels. Even if a consensus forms that a new reserve currency is a good idea, global authorities would have to convince international business people to invoice in SDRs.

Moreover, a wide variety of financial assets denominated in SDRs would have to be developed and traded in deep markets. Such a massive undertaking would take many years to develop. More likely, China will continue to slowly diversify away from the U.S. dollar into other countries, a process that has been ongoing for years. China is unlikely to suddendly "dump" U.S. dollar assets, as this would damage China's own interests. Bottom line: The structural downtrend in the U.S. dollar has probably resumed, but it should be a fairly benign adjustment.

Read full article (with charts)...

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