The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

IMF, SDRs and more sabre rattling

The talk about the need for an alternative to the USD continues – or it doesn’t, depending on which Chinese official you speak to on the day. But as Commerz points out this week, the IMF’s decision to issue up to $500 billion of SDR bonds was a surprise. The expectation had been for issuance of $150 billion. The bank adds that so far, only China, Russia and Brazil have shown any interest in funding the IMF this way and that the SDR – a basket made up of USD, EUR, JPY and GBP – “will hardly vie with the dollar for dominance as the world’s major reserve currency. Especially since the recent statistics on central bank reserves show that in the first quarter the dollar’s share of reserves grew further (from 64.1% to 65%). So, in the crisis, the dollar is the safe haven for central banks, too.”

Elsewhere, Reuters has reported that China has asked the G8 to debate a new global reserve currency when it meets next week in Italy.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?