The People’s Bank of China welcomes the ratification of the 2010 quota and governance reforms (referred to as the 2010 reforms hereinafter) of the International Monetary Fund (IMF) by the U.S. Congress on December 18th, 2015. Such approval means that the 2010 reforms, after protracted delay, are expected to take effect soon. 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.
The 2010 reforms will double the IMF’s quota resources from SDR 238.5 billion to SDR 477 billion, while shifting 6 percents 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.
