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By David Scott | Monday 8 August 2016
Bloomberg reported late last year that China had founded a working group to explore the use and possible partial adaption of the supranational Special Drawing Rights currency, in a clear sign that it wants a new global currency and that it wants the dollar removed and replaced in its role as facilitating global commerce and it now looks that we are very close to the first SDR issuance in the private sector since the 1980s. The International Monetary Fund itself published a paper discussing the use of private sector SDRs in July and noises out of China’s central bank imply that an international development organisation will soon issue SDR bonds in China, according to Chinese media group Caixin.
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