When G20 Finance Ministers hold their first meeting of the year this weekend, one of the issues on the agenda will be reform of the International Monetary System, including a proposal to promote the role of Special Drawing Rights (SDRs) as an alternative reserve currency. This proposal might win some support, including from China, but we are sceptical that it will be adopted at least in the near term. We also doubt that it would do much to resolve the re-emerging problem of global imbalances.
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