The IMF's voting system weights each country's vote based on the amount of that country's monetary contribution to the Fund. The other 177 countries in the IMF share 14 seats on the board.The IMF was created after the Great Depression and World War II to encourage global economic cooperation and international assistance when individual nations' economies faltered. China now has 3.72 percent of the voting share, up from 2.98 percent.

The United States will support China for a modest increase in its voting power at the International Monetary Fund (IMF), The Washington Post reported on … China’s Policy Response Is Key for the Recovery . China has been trying to raise its quota. They join Britain, France, Germany, Japan and the United States in the top ten of the 24-member board. [3], To further rebalance power in the IMF, China appealed for changes that would transfer voting power to developing economies. China cooperated with the BRICS, a coalition of the nations of Brazil, Russia, India, China and South Africa. The current weights for the component currencies are as follows: The current value of SDR is determined by these five SDR reserved currencies and equals the sum of the following currency values: The examples and perspective in this article, Learn how and when to remove these template messages, Learn how and when to remove this template message, "China and the International Monetary Fund", "IMF Members' Quotas and Voting Power, and IMF Board of Governors", "Statement by the Hon. In April 1980, the People's Republic of China, established a formal relationship with the IMF. The IMF's Board of Governors approved a resolution on Monday to give more voting power to China, South Korea, Mexico and Turkey. The 184-member IMF, created to inject stability into the ruins of the post-war financial system, remains dominated by the United States, European countries and Japan. of decision-making power in the IMF voting distribution than they deserve. With approval from the IMF board, the quota of China was increased from 1.2 billion SDRs to 1.8 billion SDRs. The International Monetary Fund announced Friday that it has approved measures that will overhaul the governance of the organization, giving China and several other countries more power in decision-making.The change, altering the shares of voting power, lessens the controlling interest the United States and European countries had in the organization, and makes China the third-largest shareholder. [1][2], China has been trying to expand its political and decision-making power within the IMF. China's increased voting power in the International Monetary Fund (IMF) highlights its growing influence on the world stage, according to a Chinese economics expert.

With a larger combined voting share and voice, the BRICS has been more effective at renegotiating IMF governance.

Although the reform plans of the IMF have given China the largest increase of voting rights and provided the emerging economies more power in the governance structure, the US still controls the veto power in the IMF. 2. The Chinese-IMF relationship mainly operates around affairs associated with IMF governance and the IMF Special Drawing Rights (SDR). "The increase from 2.98 percent to 3.7 percent has only a symbolic meaning for China to some extent," she said, "but it is China's right to have a greater say in the IMF as its economy has been booming for the past two decades.". The International Monetary Fund (IMF) is an international organization, headquartered in Washington, ... while the quota shares and voting power of the IMF's poorest member countries will be protected.

The voting reform is just a small step towards a more reasonable international financial order, but it will only play a very limited role in solving the problem of global economic imbalance, said Fang Ming, senior analyst with the Bank of China. China now has 3.72 percent of the voting … China has been trying to expand its political and decision-making power within the IMF.

China has been trying to raise its quota. With the recent inclusion of the Chinese Yuan, the currency varieties in the 4th quarter of 2016 COFER report includes the U.S. Dollar, the Euro, the Japanese Yen, the British Pound, the Swiss Franc, the Australian Dollar, the Canadian Dollar, and the Chinese Yuan. China scored in a recent shift in power in the IMF’s sister organization, the World Bank, overtaking Britain and France to rank third behind the United States and Japan in voting power. [3], On October 1, 2016, the Chinese Yuan officially joined the SDR basket and became a foreign exchange reserve currency of the IMF, along with U.S. Dollar, British Pound, Euro and Japanese Yen.[6]. In 1945, China cofounded the International Monetary Fund (IMF) with 34 other nations. [5], China cooperated with other developing countries to advance its rebalancing project. Before the reform, China had less voting clout than Belgium and the Netherlands combined. Until March 2015, China’s voting right was only 5.47 %. As of 2017 the quota of China in the IMF was 30.5 billion SDRs, giving it 6.09% of the total vote. Meanwhile, China has not been able to increase its share of voting rights in the ADB. The institution was charged with overseeing the international monetary system, including ensuring exchange rate stability and encouraging member countries to refrain from practices that hinder trade. All Rights Reserved     E-mail.

The United States and Japan are the largest shareholders; the move elevates China above European members such as Germany, Britain and France.IMF Managing Director Dominique Strauss-Kahn told reporters that the top level of the IMF governing board has been expanded to include Brazil, China, India, Italy and Russia. Tan admitted that the seven major industrialized countries, including the United States and Japan, still dominate the IMF as well as the international finance market. China should be very cautious about IMF reform and a more important task for China is to push for a change in the international financial order in a just and reasonable direction, said He Fan, an expert with the China Academy of Social Sciences. In May 1980, the Chinese government appealed to adjust its IMF quota. The IMF's Board of Governors approved a resolution on Monday to give more voting power to China, South Korea, Mexico and Turkey.

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