► US Congress approves IMF quota reforms

Описание: The US Congress has approved a spending plan for the International Monetary Fund. The move paves the way for approving long-delayed reforms to increase the representation of China and other emerging economies in the IMF.

The US Senate and the House of Representatives on Friday passed a spending bill for fiscal 2016 that includes language on authorizing the IMF quota reforms.

Under the changes, the United States would remain No. 1 in the share of the IMF vote, and Japan as No. 2. But China, now No. 6, would become the 3rd-largest voting member.

The reform plans were agreed in 2010. They would double the Fund's resources and give more voting power to emerging markets such as China, India and Russia.

The reforms had been waiting for US congressional approval, while Japan and other relevant countries have already completed ratification and other necessary procedures. Emerging countries have criticized the US for the delay at meetings of the Group of 20 major economies and other occasions.

Last month, the IMF approved the Chinese yuan as its 3rd basket currency after the dollar and euro. The Japanese yen ranked 4th.

These moves are expected to give more of a voice and presence to China.