World currency unit intended to rival U.S. dollar for supremacy
Financial Post (Link) - Jameson Berkow (May 29, 2010)
A new currency is intended to challenge the U.S. dollar as the world�s foremost reserve currency. The WOCU, short for world currency unit, was actually launched by London-based WDX Organization in September 2009, but only seems to be gaining recognition now. Its value is determined as a derivative of the exchange rates of the world�s top 20 currencies, as measured by GDP, in order to reduce the risk associated with exchange rate fluctuations.
The new currency is similar to the International Monetary Fund�s special drawing rights (SDR), which the IMF uses as a reserve asset to supplement the currency reserves of its member states. Both Russia and China have been pushing for the world to switch to a new currency.
Conceived in 1996, formulated and calculated since 1/1 2000, the Wocu was officially launched on January 1st 2010.
The Wocu is based on a basket of currencies that are qualified by the success of their economies - and not on politics, history or geography - its major claim, that it exhibits lower volatility than its components, has already been proven.
This, and the formation of the independent WDX Institute, has accelerated the acceptance of the Wocu and has prompted leading professional financiers and economists to subscribe to programmes that keep them in tune with Wocu developments.
As Howard Flight, a pre-eminent author of the Forex book �All you need to know about exchange rates,� said at the introduction event the Wocu is �an important moment in the history of currency.�
We think so too; and the current volume of discussion about currency issues will lead you to agree with us.