IMF Issues SDR; World Currency

1. As the largest holder of U.S. debt, China has expressed concern about its investment if the dollar should collapse.

U.S. President Barack Obama said he didn't believe there is a need for a global currency.

On Monday the governor of the People's Bank of China proposed expanded use of an alternative -- the International Monetary Fund's SDR, or Special Drawing Right, an accounting unit based on the euro, Japanese yen, pound sterling and U.S. dollar

For Americans, that could mean higher interest rates for loans of all types, including mortgages and credit cards
http://edition.cnn.com/2009/BUSINESS/03/25/china.currency/

2.IMF Injecting $283 Billion in SDRs into Global Economy, Boosting Reserves

With much of the world still mired in recession, the IMF took action to bolster its members' reserves through an allocation of SDRs, or Special Drawing Rights. The allocation, equivalent to $250 billion, was made on August 28 and will be followed by an additional, albeit much smaller allocation of $33 billion on September 9.

http://www.imf.org/external/index.htm