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      Question

      Consider the following statement about Special Drawing

      Rights (SDR): I. The value of the SDR was initially defined as equivalent to 0.888671 grams of fine gold. II. After the collapse of the Bretton Woods system in 1973, the SDR was redefined as a basket of currencies. III. the SDR basket consists of the U.S. dollar, Euro, Japanese yen, Indian Rupee and the Chinese renminbi (RMB). Which of the above statement is/are not correct?
      A I only Correct Answer Incorrect Answer
      B I and II both Correct Answer Incorrect Answer
      C I and III both Correct Answer Incorrect Answer
      D II only Correct Answer Incorrect Answer
      E III only Correct Answer Incorrect Answer

      Solution

      The value of the SDR was initially defined as equivalent to 0.888671 grams of fine gold—which, at the time, was also equivalent to one U.S. dollar. After the collapse of the Bretton Woods system in 1973, the SDR was redefined as a basket of currencies. Currently, the SDR basket consists of the U.S. dollar, Euro, Japanese yen, Pound sterling and the Chinese renminbi (RMB).

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