SDRs

He said increased use of SDRs should be thought of as an "evolutionary" step rather than a step towards "global monetary union" .

Only if the IMF evolved into a global central bank able to issue them at speed could SDRs truly become a central reserve asset.

It would take years for the SDR to be widely accepted as a means of exchange and a store of value.

Special drawing rights, or SDRs, are a form of composite currency issued by the IMF to its members.

The SDRs have been used as a unit of account among IMF members and other international organizations since introduction in 1969.

SPECIAL Drawing Rights, or SDRs, are often referred to as the IMF's currency.

By calling for a greater role for SDRs at the expense of the dollar, China seeks to reduce the political and financial power of the US.

If any large central bank, like that of China, Japan, Russia, or Brazil, wanted to buy SDRs, it's not hard for it to do so.

IMF: Better reallocation of SDRs and voting rights. Better respect by this financial institution of its own statutes.

Now, in the same way, the global role of SDRs should be increased, both through new issues and a bigger role for the rights in IMF lending.

Within days, Russia called for the yuan to be included in the basket of currencies that the IMF uses to determine the value of SDRs.

It may be necessary to create additional money by the IMF issuing Special Drawing Rights or SDRs.

SDRs are based on a basket of the major tradable currencies and can be used for transactions between governments.

Some, including Chinese officials, talk of a shift towards SDRs (special drawing rights) as a reserve asset.

Eventually SDRs could become the main, or even the only, mechanism for IMF financing.

Singapore's Senior Minister Goh Chok Tong, speaking on the same panel as Mr. Zhou, insisted that the yuan should be part of the SDRs.

But the market always remained small, and the main use of SDRs today is to account for transactions between the IMF and its member nations.

Issuance of SDRs is a way of achieving this goal, without changing the fundamental character of the global system.

Under Mr Zhou's plan the amount of SDRs would be hugely increased and the basket expanded to include other currencies, notably the yuan.

If China could swap dollars for SDRs, some exchange-rate risk would be shifted to the other members of the IMF.

Zhou Xiaochuan suggested SDRs should be promoted as an alternative reserve currency.

By buying SDRs the central banks are implicitly spreading their reserve accumulation away from dollars and into those other currencies.

Mr Zhou also proposes an SDR-denominated fund, managed by the IMF, into which dollar reserves could be exchanged for SDRs.

If commodities were priced in SDRs, the argument goes, their prices would be less volatile.

SDRs are complex but they boil down to the international creation of money.

Furthermore, he was encouraging a program to replace the US dollar with SDRs (Special Drawing Rights) as the world's reserve currency.

'While a broad use of SDRs as a transaction currency is desirable, it may only be feasible in the mid to long term, ' the report said.

In the late 1960s a more limited global currency was created: the SDRs, issued by the IMF when enough member countries agree.

Alternatively, countries with strong external finances can buy SDRs from countries which need hard currency.

Sleep Dysfunction Rating Scale (SDRS) score, blood glucose level and the adverse reactions in the two groups were analyzed.

In his essay, China's Mr. Zhou proposed expanding the role of 'Special Drawing Rights, ' or SDRs.

The IMF's members agree on periodic allocations of SDRs, which countries can convert into other currencies if need be.

The SDRs limit the current, thereby reducing signal undershoot and overshoot noise.

Germany made significant concessions in agreeing to the new allocation of SDRs.

SDRs are a kind of synthetic currency whose value is determined by a basket of major currencies.

New measures to increase the effectiveness of SDRs themselves are also needed.

SDRs are allocated to IMF members on the basis of their contribution to the fund.

SDRs are monetary units used by the IMF for international reserves.

SDRs operate as supplements to the existing reserves of IMF member nations.

If China admits to itself where this road is leading, its attitude towards SDRs will change.

The IMF holds SDRs, underpinned by dollar, euro, yen and pound, as its reserve currency.

They make up less than 5% of global reserves and there are no private securities in SDRs.

Zhou Xiaochuan also said SDRs should be based on a basket of currencies, including China's renminbi.

And if countries held their reserves in SDRs, they would escape the Triffin dilemma.

Zhou mentions relying more on "special drawing rights" (SDRs).

In the early 1970s, some banks took deposits denominated in SDRs and some companies even issued bonds in the currency.

"Expanding the volume of official SDRs is a prerequisite for them to play a more meaningful role, " acknowledged a recent IMF report.

Western legislators have in the past criticized SDRs as inflationary.

The country is applying to the International Monetary Fund for ~s of 1 billion SDRs.

HRN: So, you wouldn't agree with using IMF SDRs as the world reserve currency?

This explains why only $32bn of SDRs have been issued since 1971.

The first SDRs -- more than 9 billion of them -- were issued beginning in January 1970.

However, use of SDRs has never really taken off.

Total SDRs in existence are now worth $300bn or 3 to 4 per cent of world reserves.

But this is not why the world's central banks don't hold SDRs.

For example, governments cannot easily use SDRs to intervene directly in the markets.

'You can't buy weapons, for example, by using SDRs, ' Matsumoto said.

Preliminary Clinical Observation of SDRS to the Treatment of the Lumbar Vertebral Degeneration

SDRS; Second derivatives of the bathymetric surface;