The French military government established broadcasting company Südwestfunk (SWF) in their zone of occupation while the American military government established Süddeutscher Rundfunk (SDR) in their zone.
The value of an SDR is defined as the value of a fixed amount of yen, dollars, pounds and euros, expressed in dollars at the current exchange rate.
Latvia's room for monetary manoeuvre has been so constrained by the peg, first to the sdr and latterly to the euro, that giving up the national currency is no great loss.
PBoC deputy governor Yi Gang said at the IMF ministerial meeting in Washington that CNY appreciation against USD and other currencies in PBoC's basket will help China to fight inflation, and that CNY is close to being freely usable, which would meet one main requirement of being included in the SDR.
Another sign of the instrument's bluntness can be seen from the fact that China's vast reserves, already nearly $2 trillion, will go up by $9.3 billion.Of course, the IMF hopes that some rich countries (or reserve-rich emerging ones) will lend their share of the new SDR allocation to those in greater need.
But the lat was rock-solid, pegged to the heart of the world financial system: the IMF's own in-house currency, the Special Drawing Right (SDR).
America has been spared the same fate in part, S&P says, because of the "unique external flexibility" granted by the dollar's reserve currency status.Recently China and other countries have questioned that status, advocating greater use of other currencies or a currency basket like the IMF's Special Drawing Right (SDR).
It would take years to develop SDR money markets that are liquid enough to be a reserve asset.
The last proposed SDR allocation, of $21.4 billion, was approved by the IMF's board in 1997.
Although the IMF's executive board approved the first issuance of SDR-denominated bonds on July 1st, as the fund attempts to boost its resources, the bonds can only be bought and traded by central banks, not by private investors.China's alternative ploy is to promote the yuan's use in international trade and finance.
Along with Aibo, Dr Doi has invented the SDR-3X, a small humanoid robot that, for the price of a family car, will dance for you, bend over backwards or even balance on one leg.
