...yet highly pretentious article (read below...I have no idea how that sentence cleared the editors), it appears the IMF has decided to play a game that is analogous to the U.K.'s antiquated Knighting system e.g. granting a title that is meaningless but somehow bestows promotional value to the recipient.
There are no true "reserve currencies" without a powerful military. It has always been thus. A "new era in world money"?
No.
LONDON (MarketWatch) — The Australian and Canadian dollars, the
world’s leading commodity-rich currencies, are being formally
classified as official reserve assets by the International Monetary
Fund, marking the onset of a multi-currency reserve system and a new
era in world money.
In a seemingly innocuous yet highly portentous move, the IMF is asking
member countries from next year to include the Australian (US:AUDUSD)
and Canadian dollars (US:USDCAD) in statistics supplied by
reserve-holding nations on the make-up of their central banks’ foreign
exchange reserves. The technical-sounding measure, reflecting growing
diversification of the world’s $10.5 trillion of reserves, is likely
over time to exert wide-ranging impact on world bond and equity
markets.
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