The value of the Special Drawing Right is based on a basket of currencies – the dollar, euro, renminbi, yen and pound. The US is opposed to having the SDR play a greater role in global financing. Photo: Reuters
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

The US dollar is standing in the way of a truly global monetary response to the coronavirus crisis

  • The dollar’s dominance denies the IMF the right to act as a global lender of last resort with the SDR.
  • Instead, the world’s reliance on the dollar risks an erosion of confidence in national currencies as central banks print more of them
The value of the Special Drawing Right is based on a basket of currencies – the dollar, euro, renminbi, yen and pound. The US is opposed to having the SDR play a greater role in global financing. Photo: Reuters
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