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China welcomes U.S. ratification of IMF quota reforms

Xinhua, December 19, 2015 Adjust font size:

China's central bank on Saturday welcomed the ratification of the 2010 quota and governance reforms of the International Monetary Fund (IMF) by the U.S. Congress on Dec. 18, 2015.

"Such approval means that the 2010 reforms, after protracted delay, are expected to take effect soon," said the People's Bank of China (PBOC), the central bank, noting "the 2010 reforms will enhance the representativeness and voice of emerging market and developing countries (EMDCs) at the IMF, thus helps maintain the IMF's credibility, legitimacy and effectiveness."

Going forward, China will work closely with other member countries to support the IMF to continuously improve its quota and governance structure, to ensure that the IMF remains a quota-based and adequately resourced institution, according to the PBOC.

"The 2010 reforms will double the IMF's quota resources from SDR 238.5 billion to SDR 477 billion, while shifting 6 percent of quota shares to dynamic EMDCs. China's quota will increase from 3.996 percent to 6.394 percent, making China the third largest shareholder in the IMF from the sixth." The PBOC said in a statement posted on its official website.

Created by the IMF in 1969, the Special Drawing Rights (SDR) is an international reserve asset supplementing members' official reserves. It can be exchanged among governments for freely usable currencies in times of need. Endi