Premier Li Explains Currency Issues to IMF Chief
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Premier Li Keqiang meets with Christine Lagarde, managing director of the International Monetary Fund, in Beijing on March 23, 2015.[Photo: Xinhua]

Chinese Premier Li Keqiang has assured the head of the IMF that Beijing "has no intention of boosting export through currency depreciation, not to mention waging a trade war".

Li Keqiang made the remark while speaking with the IMF managing director Christine Lagarde by phone.

The Premier noted that the Chinese economy had reached mid- and high-speed growth of 6.9 percent last year, with employment sufficient, growth in resident income and savings being faster than that of the economy.

Lagarde said she believed the Chinese government would be able to maintain steady growth.

She said the IMF was willing to further strengthen communication and cooperation with China and jointly deliver the resolution for reform and the confidence in growth to the market.

Earlier in the day, the IMF chief announced the 2010 quota and governance reforms have come into effect.

"The reform will double the IMF's quota resources. ...."

The reform will also reallocate the quota and voting shares away from advanced economies to growing emerging market economies.

China will have the third largest IMF quota and voting share after the United States and Japan.

India, Brazil and Russia will be also among the top 10 members of the IMF.

Jiang Yuechun is the director of the Department for World Economy and Development at China Institute of International Studies.

He noted that the quota changes conforms with the current world economic conditions;

"The world economic situation is changing, as well as China's global status based on its economy, so the reform reflects these changes, and it also shows that the IMF is responding to growing calls from developing countries for more voting power. It marks a step forward for the IMF's quota reform."

The reforms were approved by the IMF's Board of Governors in 2010.

They didn't come into effect until the U.S. Congress ratified the plan late last year.

The US is the largest shareholder of IMF and still hold a right of veto even after the reforms.

Author： 　　　Source：CRI　　　 Editor：Yang Fan