United States dollar: Difference between revisions
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Revision as of 10:37, 1 March 2011
The United States dollar (sign: $; code: USD; also abbreviated US$) is the official currency of the United States of America. It is divided into 100 cents.
The U.S. dollar is the currency most used in international transactions and is one of the world's reserve currencies.[1]
The dollar as international reserve currency
As one of the consequences of the Great Recession, the status of the dollar as international reserve currency has been disputed.[2]
In March, 2009, China and Russia called for a discussion on how to replace the dollar as the world's primary reserve currency.[3] In June, 2009, both countries started to promote the use of rubles and yuans in trade.[4]
In February, 2011, the International Monetary Fund started discussions on a possible replacement for the dollar as the world's reserve currency and recommended its Special Drawing Rights, or SDRs, could help stabilize the global financial system.[5]
The Bank of India has stopped using the US dollars as intermediary currency between the rupee and the Chinese money.[6]
References
- ↑ The Federal Reserve. "The Implementation of Monetary Policy - The Federal Reserve in the International Sphere" (PDF). http://www.federalreserve.gov/pf/pdf/pf_4.pdf. Retrieved 2010-08-24.
- ↑ Heidi N. Moore. "Central banks start to abandon the U.S. dollar", CNN Money, July 9, 2010. Referenced 2011-02-28.
- ↑ Gleb Bryanski. "China backs talks on dollar as reserve -Russian source", Reuters, March 19, 2009. Referenced 2011-02-28.
- ↑ Lyubov Pronina and Alex Nicholson. "Russia, China to Promote Ruble, Yuan Use in Trade", Bloomberg, June 17, 2009. Referenced 2011-02-28.
- ↑ Ben Rooney. "IMF calls for dollar alternative", CNN Money, February 10, 2011. Referenced 2011-02-28.
- ↑ Saibal Dasgupta. "Bank of India becomes first to offer trade settlement in yuan", The Times of India, February 24, 2011. Referenced 2011-02-28.
Links
- United States dollar on Wikipedia