The Dollar’s Last Days?
Zhou Xiaochuan, the governor of the People’s Bank of China, recently suggested that replacing the dollar with the IMF’s Special Drawing Rights as the dominant reserve currency would bring greater stability to the global financial system. While a system based solely on the SDR remains highly unlikely, a scenario in which the dollar's role is seriously eroded is increasingly plausible.
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CAMBRIDGE – Zhou Xiaochuan, the governor of the People’s Bank of China, recently suggested that replacing the dollar with the International Monetary Fund’s Special Drawing Rights as the dominant reserve currency would bring greater stability to the global financial system. The idea of reforming the system by introducing a supranational reserve currency is also, it appears, supported by Russia and other emerging markets. And a United Nations advisory committee chaired by the Nobel laureate Joseph Stiglitz has argued for a new global reserve currency, possibly one based on the SDR.