IMF Refuses To Exert Pressure On China On The Issue Of RMB.

International Monetary Fund (IMF)

The United States wants to put pressure on the abacus and finally fail.

In recent years, the United States has constantly put pressure on China to appreciate the renminbi and even tried to internationalize it.

Geithner, the US Treasury Secretary, also issued an ultimatum to IMF, threatening to lose the support of the United States on a series of issues if it fails to take a more effective stand on China's exchange rate issue.

But the reality shows that the US has "miscalculated" again, and IMF refused to put pressure on China on the issue of RMB.

The New York Times reported that the world finance ministers failed to reach agreement on how to control the escalation of the currency dispute at the IMF annual meeting on 9.

In addition to the clamor of the United States, the European Union, Japan and some countries' "silent" appealed, the IMF conference failed to make a contribution to China's pressure on RMB appreciation. This topic will be postponed for further discussion.

The report pointed out that much of the meeting focused on the dispute between China and the United States on the RMB issue, but Prasad, an economist with the former IMF said: "the results of the meeting show that the idea of collective action proposed by the United States is only an ideal rather than a reality."

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IMF share reform is completed within a few weeks.

According to IMF9's announcement, IMF will raise concerns about the stability of the global system. China has been included in 5 economies with a system of stable importance.

Kahn, President of IMF, said that the stability of the system is very important, and the countries and regions with the importance of system stability include the United States, the United Kingdom, the euro zone, China and Japan.

He said that IMF will launch a new "spillover report" to study the impact of major economic policies and measures on other parts of the world.

Kahn also said on the 9 day that the IMF share reform may be completed within a few weeks.

Kahn said that the divergence of IMF on share reform has largely been bridged, and share reform will be resolved in a few weeks' time.

At the financial summit of the group of twenty in Pittsburgh in September last year, leaders agreed to shift the share of IMF and two major institutions of the world bank to developing countries by at least 5% and 3% respectively.

The IMF and World Bank spring meetings held in Washington in April this year have made breakthroughs in governance reform.

The voting system reform of the world bank has taken a step forward. The decision Committee of the decision making committee voted to allow developed countries to pfer 3.13 percentage points of voting weight to developing countries, so as to raise the overall voting weight of developing countries to 47.19%.

But the IMF and the world bank's annual meeting still failed to complete the IMF share reform.

At present, the share of emerging economies and developing countries has been seriously underestimated and underrepresented, which has seriously affected the legitimacy and effectiveness of IMF.

According to Xinhua News Agency