The IMF Basket of Major Currencies.
The Special Drawing Rights are allocated to member states as a low alternative to debt financing for building reserves. Today there are five major countries in the IMF basket of currencies. The Chinese Yuan is the last one to be added to the Basket.
English pound, American dollar, European Euro, Japanese Yen, and Chinese Yuan. (5)
The New SDR- System.
Over the past few years there have been many voices calling for a New SDR-System to be the basis of the World`s financial & economic system. To name a few ....
In 2010 there was published an article be the former Finance minister of Colombia. It was titled `Building an SDR-Based Reserve System.`
In 2016 in China`s most prominent international monetary magazine, there was an article titled `Revive the IMF`s SDR Substitution Fund.` It explained in detail how a transition from a dollar-centred system towards an IMF-SDR system was planned as early as the 1970`s.
Many believe that now 50 years later after its introduction, an SDR Substitution Fund, could well be the best approach to kick-start the SDR as a truly World Reserve Currency.
This substitution Fund would enable central banks to exchange their U.S. dollars for SDR`s. Thus they would diversify away from the dollar and be dropping the U.S. dollar as the anchor for the world`s monetary system.
Also the IMF has increased its commodity content, (gold) and included major emerging markets. Note there are currently 190 countries members of the IMF.
Commercial `parties` will also be given new SDR-money (M-SDR`s) to be used as SDR-denominated financial market instruments.
Thus a New SDR-System is emerging to replace the U.S. dollar as the World`s reserve currency.
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