One of the key outcomes of the London G20 summit - perhaps even more important than Michelle Obama’s hug for the Queen - was the allowance for the IMF to allocate $250 billion worth of Special Drawing Rights. This could be the basis of a future global reserve currency outside the sovereign control of any one country - a massive shift in power away from the dollar and the United States to countries such as China and Russia. More here on the SDR. This is a story to keep the eye on for anyone interested in the international balance of power and on global governance.
Tags: America, china, currency, Practice, RussiaThe beginning stages of a new global reserve currency?
One of the key outcomes of the London G20 summit - perhaps even more important than Michelle Obama’s hug for the Queen - was the allowance for the IMF to allocate $250 billion worth of Special Drawing Rights. This could be the basis of a future global reserve currency outside the sovereign control of [...]