World leaders at the G-20 meeting agreed to create new international money worth $250 billion. The IMF will oversee the new money called SDRs
(Special Drawing Rights). Some people believe, and China fervently hopes, that SDRs will in due course replace the dollar as the main world reserve currency.
I, however, am a sceptic. I doubt if the amount of SDRs will ever rival the dollar, euro or yen. Far from becoming a separate international currency, the SDR will remain a derivative of the dollar and a few other major national currencies.
economictimes.indiatimes.com
