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The following article was published in our article directory on October 9, 2010.
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China Expected to be Among the IMF Top Three

Article Category: Advice

Author Name: xia zihui

Around the International Monetary Fund, the right to speak is to fight a decisive point in time.

October 8, 700 meters west of the White House, the World Bank and International Monetary Fund, traffic flow outside the building followed. Almost all vehicles are linked to diplomatic plates, almost all of officers are black suit. 187 countries from around the world nearly a thousand financial officials, financial excellence, economists, representatives of non-governmental organizations gathered here on the same day to attend the World Bank / IMF annual meetings.

This two-day conference is the world's largest gathering of finance ministers, the World Bank and IMF is the highest level of regular meetings. People's Bank of China Governor Zhou Xiaochuan and Deputy Governor Yi Gang, Vice Finance Minister Zhu also attended the meeting.

The meeting will discuss global economic and financial sectors, low-income countries, IMF reform. The core members of the IMF which has 24 seats in the organization's director of finance ministers and central bank governors will be issued after the declaration.

There are indications that the pre-, IMF quota reform will be a meeting of the difficult problems. Leaders of the Group of Twenty last September in a joint commitment in January 2011 under-represented countries prior to the transfer of 5% of the share. Through this reform, China is expected to overtake Germany and France to enter the organization share the list of the top three.

But so far reluctant to give up the European countries share the United States had actively supported the reform, the Government suddenly proposed share adjustment and exchange rate reform will be linked, which makes the current round of the last three months of IMF quota reform is full of suspense.

Reform of the United States trying to take advantage of RMB appreciation pressure

"IMF in the crisis proved its role, but it's still reasonable doubt." IMF Managing Director, said Kahn, October 7, his own time to complete in January 2011 the share of reforms confidence. He attended the first annual meeting, held a news conference.

But confidence could not conceal the members in position on the reform of IMF governance fierce contest. As the session draws near, the future of governance reform variables will occur.

The latest news is an attempt to support the share reform as conditions require greater currency flexibility in emerging countries. U.S. Treasury secretary on October 6 speech at the Brookings Institution, said: "emerging countries should be more flexible exchange rate system to the International Monetary Fund in exchange for the right to vote. Part of the country must develop a more market-oriented exchange rate policy, more emphasis on exports rather than domestic demand, exchange rate policy. "

This is the first time the U.S. public to support the governance reforms proposed by IMF conditions, the outside world that the United States by the IMF reform, a move aimed at increasing pressure on the RMB exchange rate reform.

Geithner speech delivered next day, China is a response. People's Bank of China Deputy Governor Yi Gang in Washington, reiterated: "The Chinese government on the reform of RMB exchange rate formation mechanism of the determination is not in doubt, but our pace is gradual."

Yi Gang, over a hundred in the IMF and the international media, economists and bankers made the remarks during discussions. He further quoted Premier Wen Jiabao expressed this week in Europe, oppression, RMB appreciation will not be conducive to social stability.

This is the first time senior officials of the People's Bank attend the World Bank / IMF Annual Meeting at a public forum, "it shows the People's Bank of China more open to foreign exchange," a source close to China, the IMF Executive Board Office staff told newspaper reporter.

Yi Gang also use this opportunity to further alert the international community to avoid a trade war and expound China's policy of maintaining stability of the currency contribution to help economic recovery.

"As is now closely integrated world economy, American, European, Japanese are in China and the world's trade, if a trade war broke out, and you are not quite sure who your enemy is." Yi Gang said.

Transfer of shares in Europe and America contest

Side is represented by the emerging countries of China to win more share in the other side is in Europe and America who sell shares on the two countries either.

Share of the IMF governance reform is an important part of the reform. By World War II, the international situation after the war built up after 60 years of operation of the IMF, its governance structure does not keep pace with the rate of change of international economic forces, leading to the developed countries the right to speak is too high, lack of voice in emerging countries. Governance structure failed to prevent the agency indirectly originated in the United States in 2008 this financial crisis.

Since 2007, Kahn took over as executive director of IMF has been actively promoting the institutions of governance reforms, including the adjustment of share, to adjust the board structure, executive director of the election to improve ways to improve voting procedures.

One share of the adjustment is the core problem. IMF member countries the right to speak too generally agree that the state should shift to the low share of the national discourse, to make institutions more equitably reflect the voice of the world.

After two years of reform negotiations now focus on Who the share of difficulties, the contest between Europe and America focused on.

Europe is facing pressure to sell the largest share of the region, but European countries not only share the delay in agreement on who to sell, but will close on the occasion of the issued share transfer to the voice of the United States.

The United States is the highest share of the IMF in the country, is the only country with veto power. Long-term U.S. support for the IMF to expand in emerging countries the right to speak, in the face of European procrastination, the U.S. government recently forced to exert a veto to force Europe into submission.

EU finance ministers had met to discuss the September 30th IMF reform, one of the recommendations is the IMF Board of the European Union as a whole occupy a seat. In this regard, according to German Finance Minister moon Buller suggested that if European countries want to give up their seats in the IMF's board of directors composed of a seat on the EU as a whole, the U.S. needs to abandon some of its major issues within the IMF on the veto power.

Schaeuble requirements for a reason. This year in August, the United States because of dissatisfaction with the European countries in the IMF on the pace of reform is slow, a rare use of the veto in a procedural vote on the IMF board to cast negative votes. This allows the Board of Directors has 24 seats on November 1 this year there is not the normal operation of risk.

U.S. pressure seems to work. Dow Jones reports, October 5, a German government official in the IMF before the annual press briefing, said: "Germany is willing to give up some share," but only if other countries, including the United States is willing to make concessions.

The European Union on Friday approved a financial plan, agreed to let out its eight seats in two shifts and emerging countries. But the U.S. is unlikely to accept the program because it targets a far cry from the reform.

Until October 6, who sell shares they still make the steward of IMF headache. International Monetary Fund, the core institution, the International Monetary and Financial Committee Chairman, Egyptian Finance Minister Boutros - Ghali interview the same day appealed to States: "States need to cut their asking price alone, we might be meeting at the weekend results. "

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