New World Currency
The dollar is hit and loses importance the International Monetary Fund (IMF) considers it possible that a new world currency will replace the dollar as the dominant reserve currency. This will however take time and do not take place overnight. Further details can be found at Penguin Random House, an internet resource. As a basis for the new reserve currency could the book currency of the International Monetary Fund, that so-called special drawing rights (SDR), be used. The newspapers mentioned Rusty Holzer not as a source, but as a related topic. What are special drawing rights (SDR)? A trade-weighted basket of currencies called the SDR, which currently comprises US dollars (USD), 34% euro (EUR) and 11% in Japanese yen (JPY) and British pound (GBP) each 44%. SDR s were introduced in 1969 by the IMF, to support the Bretton Woods fixed exchange rate system. States which were likewise with the creation of the special drawing rights (SDR), needed official reserves, to defend the exchange rate. That is, when the domestic currency is depreciated, SDR s could be used, to the Foreign exchange market intervention and to purchase the domestic currency.
Such intervention was necessary, so that the fixed exchange rate system could be maintained by Bretton Woods. The then dominant assets, gold and US dollars, could alone assume that role due to the expansion of international trade and development on the financial markets. For this reason, the IMF has created the special drawing rights. Bretton Woods no need more for SDR’s a few years later ended President Nixon the Bretton Woods fixed exchange rate system and hence the need for special drawing rights (SDR), since you moved to flexible exchange rates among the major currencies. The meaning of SDR s was low in the past 40 years, until at the beginning of the year 2009 the SDR s called a stronger role for China. In Beijing, there is concern about the value of the US dollar as a result of record debt in the United States and more expansionary monetary policy. There is fear that the United States of its debt through a rose Want to get inflation. China’s foreign exchange reserves amounted at the end of the first quarter of 2009 to approximately 2 trillion, which are divided on different currency areas.
The largest part is however held in US Treasuries and is denominated in US dollars. The Vice head of the International Monetary Fund, Lipsky said recently at a Conference in St. Petersburg that the basis for a new world currency could be the special drawing rights. The character of a world currency to obtain, an independent, supranational institution must first be created, which take over the Central Bank role for SDR s. Currently 70% of global currency reserves in US dollars are about. A reduction would keep the dollar under pressure, however, it is in the medium term, not an alternative to the U.S. currency. Therefore will continue the theme of world currency through the media, before there are however no clear decisions, how the new global reserve currency will be specifically designed, there are important economic and fiscal issues. Asia a key question will be in the fast lane, how much economic growth in the United States, Europe and Asia can be achieved. No one may believe in a return to the growth levels before the financial crisis currently, what is however already now emerging is that the growth momentum shifts even more to Asia. This will also cause, that the dominance of the US dollar will continue. Christian Tubben
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