G20 Finance Ministers' Meeting Ended At &Nbsp; &Nbsp; China'S IMF Share Rose To Third.

2010/10/25 9:32:00 47

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G20 Finance Ministers Meeting (IMF) Share Reform China Third

A twenty day group of two days

(G20) meetings of finance ministers and central bank governors

The 23 day ended in Qingzhou, South Korea. The meeting was held on the International Monetary Fund.

(IMF) share reform

Reached a "historic agreement" and confirmed that more than 6% of the voting rights were pferred to emerging economies.

After the share reform is completed,

China

Share will rise to

Third

Position.

The group of twenty also pledged to avoid "competitive depreciation of local currency", the so-called "exchange rate war".

Zhou Xiaochuan, governor of the Central Bank of China, stressed in his speech that the urgent task of the IMF reform is to implement the commitment of the leaders of the G20 summit and complete the share reform before the Seoul summit.

As the largest developing country and the largest share of the undervalued countries, China's share and voice in the International Monetary Fund should be greatly improved.

China's finance minister Xie Xuren pointed out that all sides of the G20 should continue to strengthen cooperation to promote economic recovery, maintain economic growth and guard against downside risks.

According to the conference communiqu, the participants agreed on the issue of IMF share reform.

Under the agreement, European countries will give up two seats at the IMF executive board to enhance the representativeness of the executive board in emerging and developing countries.

After the share reform is completed, China's share will rise from the current 3.65% to 6.19%, after Germany, France and Britain, ranking the United States and Japan.

However, the United States still has "veto power" after its 17.67% share.

Kahn, President of IMF, said the IMF board may approve the reform plan in the first week of November, and it may take a year to complete the reform.

The reform package includes changes in the composition of IMF executive board seats and changes in the 10 largest shareholders.

The communique also said that the members of the group of twenty agreed to "restrain the currency competitive depreciation" and develop "more exchange rate systems determined by the market and reflecting the economic fundamentals".

The developed economies will "be vigilant against excessive volatility and disorderly fluctuations in exchange rates". "The above actions will help to mitigate the risks faced by some emerging countries due to the volatility of capital flows."

Many emerging market countries suspect that the United States deliberately lowered the US dollar, causing their export competitiveness to be impaired.