BIZCHINA / Top Biz News
IMF plans to boost bigger say for China
(China Daily, Xinhua)
Updated: 2006-09-18 08:47
A plan by the International Monetary Fund (IMF) to boost China's voting
rights is not aimed at putting more pressure on Beijing to make its
exchange rate flexible or undertake other policy changes, IMF chief
Rodrigo de Rato said yesterday.
The 184-member institution plans to adjust its existing structure by
immediately boosting the quotas of China, South Korea, Turkey and Mexico
and later rework the voting rights of all member nations within two years.
While most countries back the plan, ensuring its passage today, the Group
of Seven industrialized countries that dominate the IMF have at the same
time been urging China to ease its controls on the currency exchange rate.
Welcoming the IMF changes, Zhou Xiaochuan, governor of the People's Bank
of China, reiterated that China would reform its foreign exchange regime
in a "gradual, effective, and controllable" way.
Zhou said that China is a big country and has to consider many aspects in
its policymaking.
He downplayed the role of the yuan's exchange rate in resolving global
trade imbalances.
"Structural policy plays a much larger role compared with the exchange
rate," he said.
De Rato said the move to boost China's voting share was just a
recognition of its economic strength and was not linked to any reciprocal
action.
"The international community recognizes that China has increased its role
in the world economy," de Rato told reporters. "I don't think ... a
bigger role in the institution (IMF) makes you subject to more pressures."
Being a member of the IMF, China is already under its surveillance and
the fund regularly communicates its view on the challenges confronting
the Chinese economy just as it does with all other member countries, he
said.
De Rato, however, acknowledged that more power often brings more
responsibility.
A bigger voice at IMF "would allow you to express your views but, of
course, you will listen to the views of others," he said. "That happens
to the first share holder and the last shareholder."
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