Editing Reserve currency (section)

==Calls for an alternative reserve currency==
[[John Maynard Keynes]] proposed the [[bancor]], a supranational currency to be used as unit of account in international trade, as reserve currency under the [[Bretton Woods Conference]] of 1945. The bancor was rejected in favor of the [[U.S. dollar]].

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.<ref>{{cite news
|url=https://www.reuters.com/article/us-dollar-reserves-un-idUSTRE65S40620100629 |title=Scrap dollar as sole reserve currency: U.N. Report |publisher=Reuters.com |date= 29 June 2010|access-date=27 November 2011}}</ref><ref>{{cite news
|url=http://english.peopledaily.com.cn/90001/90777/90856/7046030.html |title=UN report calls for new global reserve currency to replace U.S. dollar |publisher=People's Daily, PRC |date= 30 June 2010|access-date=27 November 2011}}</ref><ref>{{cite news
|url=https://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html |title=UN wants new global currency to replace dollar |newspaper=The Telegraph |date= 7 September 2009|access-date=27 November 2011 |location=London |first=Edmund |last=Conway}}</ref><ref>{{cite web |url=https://www.un.org/en/development/desa/publications/world-economic-and-social-survey-2010.html |title=World Economic and Social Survey 2010
 |publisher=U?N.org |date=29 June 2010}}</ref>

Countries such as Russia and 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. However, it is recognized that the US dollar remains the strongest reserve currency.<ref>{{Cite web|date=2 June 2020|title=Will the Gulf currency peg survive?|url=https://www.quorumcentre.com/will-the-gulf-currency-peg-survive/|access-date=12 March 2021|website=Quorum Centre for Strategic Studies|language=en-GB|archive-date=19 December 2022|archive-url=https://web.archive.org/web/20221219163324/https://www.quorumcentre.com/will-the-gulf-currency-peg-survive/|url-status=dead}}</ref>

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.<ref>{{cite news
|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aeFVNYQpByU4 |title=Medvedev Shows Off Sample Coin of New 'World Currency' at G-8 |publisher=Reuters.com |date= 10 July 2009|access-date=14 October 2010}}</ref>

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 [[Production quota#Crude oil|oil quota]]s to maintain dollar [[price stability]].<ref>Burleigh, Marc. [https://web.archive.org/web/20120524202929/http://www.google.com/hostednews/afp/article/ALeqM5guURtqDTvJVO3fkDP09Z_P_ofVpA?docId=CNG.079b1b56853f883a607a8f382e61450a.bf1 "OPEC leaves oil quotas unchanged, seeing economic 'risks'."] ''[[Agence France-Presse|AFP]]'', 11 December 2010.</ref>

Due to the [[Russian invasion of Ukraine]] and international sanctions, Russia has used the [[United Arab Emirates dirham]] as a neutral currency when selling oil to India.<ref>{{cite web|url=https://www.reuters.com/business/energy/indian-refiners-pay-traders-dirhams-russian-oil-2023-02-03/|title=Indian refiners pay traders in dirhams for Russian oil|website=[[Reuters]] |archive-url=https://web.archive.org/web/20230203181844/https://www.reuters.com/business/energy/indian-refiners-pay-traders-dirhams-russian-oil-2023-02-03/ |archive-date=3 February 2023 }}</ref><ref>{{cite web|url=https://asia.nikkei.com/Economy/Trade/Indian-imports-of-Russian-oil-drop-to-lowest-in-a-year|title=Indian imports of Russian oil drop to lowest in a year}}</ref>

===Special drawing rights===
Some have proposed the use of the [[International Monetary Fund]]'s (IMF) [[special drawing rights]] (SDRs) as a reserve. The value of SDRs are calculated from a basket determined by the IMF of key international currencies, which as of 2016 consisted of the [[United States dollar]], [[Euro]], [[Japanese yen]], [[Pound sterling]] and [[Renminbi|PRC Renminbi]].

Ahead of a [[G20]] summit in 2009, China distributed a paper that proposed using SDRs for clearing international payments and eventually as a reserve currency to replace the U.S. dollar.<ref>{{cite news|url=https://www.reuters.com/article/wtUSInvestingNews/idUSLJ93633020090319 |title=China backs talks on dollar as reserve -Russian source, Reuters, 19 March 2, 2009 |publisher=Reuters.com |date= 19 March 2009|access-date=22 August 2010}}</ref>

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.<ref>{{cite web |url=http://www.unctad.org/Templates/Webflyer.asp?intItemID=1397&docID=11867 |title=UNCTAD Trade and Development Report 2009 |publisher=Unctad.org |date=6 October 2002 |access-date=22 August 2010 |archive-date=8 March 2012 |archive-url=https://web.archive.org/web/20120308125757/http://www.unctad.org/Templates/Webflyer.asp?intItemID=1397&docID=11867 |url-status=dead }}</ref> The IMF released a report in February 2011, stating that using SDRs "could help stabilize the global financial system."<ref>{{cite news |url=https://money.cnn.com/2011/02/10/markets/dollar/ |title=IMF calls for dollar alternative |first=Ben |last=Rooney |work=CNN Money |date=10 February 2011}}</ref> The SDR itself is only a minuscule fraction of global currency reserves.<ref name="fore_LetC">{{Cite web |title=Let China Join the Global Monetary Elite |last=Kennedy |first=Scott |work=Foreign Policy |date= 20 August 2015|access-date=20 April 2021 |url= https://foreignpolicy.com/2015/08/20/china-currency-imf-special-drawing-rights-renminbi/}}</ref>

=== Cryptocurrencies ===
According to some cryptocurrency proponents, digital [[cryptocurrency|cryptocurrencies]] could potentially replace fiat currencies as a possible global reserve currency.<ref>{{Cite news |last1=Mattackal |first1=Lisa Pauline |last2=Singh |first2=Medha |date=2022-04-12 |title=Cryptoverse: 10 billion reasons bitcoin could become a reserve currency |language=en |work=Reuters |url=https://www.reuters.com/business/cryptoverse-10-billion-reasons-bitcoin-could-become-reserve-currency-2022-04-12/ |access-date=2023-03-25}}</ref>