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March 24, 2009

Chinese Propose New Currency to Replace Dollar As Reserve Currency [jdub]

They propose dropping the US dollar as the de facto international reserve currency and replacing it with an "official" IMF-arbited "basket" of currencies. The article makes clear that they'd essentially be expanding something called "SDRs" or Special Drawing Rights, which are currently derived from a combination of dollars, pounds sterling, euros, and yen.

Apparently, they're not the first people to suggest this, but it's hardly a mystery as to why they've chosen to do so now.

We can all draw strength and quiet confidence, however, from the fact that Barack Obama and his extremely competent Treasury staff are on the job.

Exit questions:
1) How serious are they? (Is this a shot across our fiscal bows?)
2) If they are serious, what would it mean?


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posted by xgenghisx at 05:43 AM

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