Chinese yuan officially became a world reserve currency on November 30, 2015. It represents 10.92% of the IMF's "Special Drawing Rights currency basket. This makes Chinese yuan the fifth reserve currency after US dollar, Euro, British pound sterling and Japanese yen.
Calls for an alternative reserve currency
A report released by the "United Nations Conference on Trade and Development in 2010, called for abandoning the U.S. dollar as the single major reserve currency. The report states that the new reserve system should not be based on a single currency or even multiple national currencies but instead permit the emission of international liquidity to create a more stable global financial system.
Countries such as "Russia and the "People's Republic of China, central banks, and economic analysts and groups, such as the "Gulf Cooperation Council, have expressed a desire to see an independent new currency replace the dollar as the reserve currency.
On 10 July 2009, Russian President Medvedev proposed a new 'world currency' at the G8 meeting in London as an alternative reserve currency to replace the dollar.
According to economist "Michael Hudson, China has said, "we don't want to make any more foreign exchange reserve of any paper currency, because all the paper currencies are government debt currencies." China, Russia, India, Turkey, Brazil, Venezuela and other oil-producing countries have recently agreed "to transact all of their mutual trade and investment in their own currencies" effectively minimizing the need, at least in the short term, for a global reserve currency. Nevertheless, at the beginning of the 21st century, gold and crude oil were still priced in dollars, which helps export inflation and has brought complaints about OPEC's policies of managing oil quotas to maintain dollar price stability.
Special drawing rights
Some have proposed the use of the "International Monetary Fund's (IMF) "special drawing rights (SDRs) as a reserve.
China has proposed using SDRs, calculated daily from a basket of U.S. dollar, euro, Japanese yen and British pounds, for international payments.
On 3 September 2009, the "United Nations Conference on Trade and Development (UNCTAD) issued a report calling for a new reserve currency based on the SDR, managed by a new global reserve bank. The IMF released a report in February 2011, stating that using SDRs "could help stabilize the global financial system."
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