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SINGAPORE, Sept.18 - A plan by the International Monetary1 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 Sunday.
The 184-member institution plans to adjust its existing structure by immediately boosting the quotas3 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, reiterated4 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. "Structural5 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 holder6 and the last shareholder7." The plan to overhaul8 the 61-year-old IMF, whose balance of power still largely reflects the economic landscape at the end of World War II, was given the green light by the IMF's International Monetary and Financial Committee. Under the proposals, China would see its share of total IMF voting rights raised to 3.65 per cent from 2.94 per cent now while South Korea's share would increase to 1.33 per cent from 0.76. Mexico would go to 1.43 per cent from 1.20, with Turkey's participation9 climbing to 0.55 per cent from 0.45. The plan now goes to the full 184-strong membership of the Fund for final approval, with an announcement of the result of the vote expected by tomorrow. On Saturday, Hu Xiaolian, deputy governor of the People's Bank of China, called for greater say for developing countries' voice in the IMF. "Developing countries not only account for a majority of the Fund's membership but also are main participants in its programme," said Hu at the 76th G24 Ministers Meeting. She noted10 that the IMF's quota2 reform is at a critical juncture11 and developed countries should adopt a pragmatic and flexible approach to enhance developing countries' voices. "We call for a large increase in basic votes and the establishment of a stable mechanism12 whereby basic votes account for an appropriate percentage of the quota," Hu said. Asian nations, backed by Japan, as well as developing countries have long been pushing for a greater say at the institution, which during its six-decade life so far has been dominated by the United States, Europe and Japan. The four countries to benefit from a boost in voting stature13 are said by the IMF to be the only members under-represented on all four of its criteria14 that determine a nation's voting rights. Those criteria are the member's gross domestic product (GDP), its openness to trade, the "variability" of its economy, in other words how volatile15 its growth is, and the amount of its reserves.
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