China is leading the old international financial system change

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GMT 8:38 2015 Monday April 20GMT 8:45 2015 Monday, April 20 : Last Updated

China is leading the old international financial system change

Agencies

 

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 Washington: China is leading through its project to establish «Investment Bank in infrastructure», a giant investment bank in Asia, and ambitions associated with its currency, countries that want to get rid of the global financial system dominated by Alamirkaon.oaolt spring meetings in Washington of the International Monetary Fund and the World Bank, The heirs of the Bretton Woods agreements in 1944 which was attended by finance ministers and central bank governors, great attention to this Chinese move.

Said World Bank President Jim Yong Kim on Thursday that he wants «congratulate China on the big step toward pluralism» posed by the creation of infrastructure financing bank, expressing hope «dealing closely with him». Contrary to what was hoped for Washington, which has custody and Japan are on this project, the next institution that received welcome a large number of countries. So far, 57 states declared their interest in him. This is inconsistent with the decline in project «Brix Bank» which was launched with great fanfare in the summer of 2014 by the major emerging countries and has Vqt.ohma political project is clearly incompatible with the two organizations of the International Monetary Fund, which lends to the crisis, the World Bank, which provides development assistance, and share Americans and Europeans have their management for a long time.

 

See Christophe d'Este researcher at the French Research Centre for International Economics that the Chinese offer a more pragmatism and allows each one to find its place. He added that foreign countries «definitely looking for new outlets in the area of ​​public works, energy, as well as for banks, and bank investment infrastructure in hopes of Altamol markets». He was quoted as saying: «This requires financial services, and this is probably the reason that led Britain to join the project». But the enthusiasm of the British, who were one of the first founding members of this bank, angered France, Germany and Italy, which would have preferred a common step. He said participants in the meetings of Washington, said British Finance Minister George Osborne faced sharp criticism from other European officials because of the move.

 

He believed that China d'Este looking for «port industry» are overly in their capacity taking into account the «diplomatic interest is to weaken US influence.» He added that «in spite of the disadvantages of the system (Bretton Woods), China find it useful.» He went on to say: «it has the means to influence and even change». And will remain so as long as the dollar remains the first global currency. However, the monetary power of the United States does not prevent them from feeling anxious. He said US Treasury Secretary Jack Liu: «Even if the new institutions show, I want to emphasize that the International Monetary Fund and the Foundation remains the reference to enhance the stability of the global economy.»

 

Said John Stiglitz, Nobel Economics, said the anti-project investment bank in the Chinese infrastructure «reflects US concerns on the international influence». Commends the administration of US President Barack Obama constantly work of the International Monetary Fund, but Congress put impedes reform in 2010, to give greater weight to emerging countries inside. She emphasized the Fund director Kirsten Lagarde is ready to work in order to convince US lawmakers do. The emerging countries, which met in the framework of the 24 group in a statement published by the Washington meetings that the US attitude is a «obstacle to the credibility of the International Monetary Fund and the legitimacy and effectiveness». 

 

In the meantime supposed reform, China locked in another campaign mode operation in a row the dollar and the euro and the pound sterling and the yen in special drawing rights, which form the core of the international reserve currency to the IMF. Said Christophe d'Este that SDR is equivalent in gold and the dollar, adding that the role of China's accession marginal but it would be a «symbolic recognition». The World Bank should be subject to reforms, but also «would seem unimportant», in the words of Scott Morris and Madeleine Glev of comprehensive development center (immediately after the Global Development's) Center. In an article published in the March / March, indicates that experts had been hoping to «Altnakad between Bank steeped in the old ideas and financial changes in developing countries.» The best example of this is that Africa has its bank for development and several countries where are able to raise funds in the market, which affects the balance of power with Washington institutions.

 

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China is leading the international financial system change

 

 

         

4/21/2015 0:00 

 WASHINGTON (Reuters) - 

leading China through its project to establish a giant investment bank in Asia and ambitions associated with its currency, countries that want to get rid of the global financial system dominated by the Americans. 

The attached spring meetings in Washington of the International Monetary Fund and the World Bank, and the heirs of the Bretton Woods agreements in 1944, which was attended by Finance ministers and central bank governors, great attention to this move China.oukal World Bank President Jim Yong Kim that he wanted to "congratulate China on the big step toward pluralism" is represented by the establishment of infrastructure financing bank which, expressing his hope "to deal with him closely," .okhlava As hopes by Washington, which has custody of such Japan on this project, received the next institution welcome a large number of countries. So far, 57 states declared their interest Bh.ohma contrasts with the decline "Brix bank" project, which was launched with great fanfare the summer of 2014 by the major emerging countries and has Vqt.ohma political project is clearly incompatible with the two institutions, namely the International Monetary Fund, which lends in Crisis and the World Bank, which provides development assistance, and the Americans and Europeans share their management for a long time.See Christophe d'Este, a researcher at the French Research for International Economics Center, the Chinese offer a more pragmatism and allows each one to find Mkana.oadav to foreign countries is certainly looking for new outlets in the area of public works, energy, as well as for banks, and bank investment infrastructure hoped Altamol of markets. This requires financial services and this is probably the reason that led Britain to join the project. "The implications of Hamas Britons, who were one of the first founding members of this bank, the wrath of France, Germany and Italy, which would have preferred step Mstrkh.oukal participants in the meetings of Washington that the British finance minister George Osborne faced sharp criticism from other European officials because of this Alkhtoh.oroy d'Este to China looking for a "port of the industry" are overly in their capabilities, taking into account "the interests of diplomacy is to weaken American influence." He added that "in spite of the disadvantages of the system (Bretton Woods), the China find it useful. "He continued," they have the means to influence it and even change ", and it will remain so as long as the dollar global currency remained Alaoly.ala that monetary power of the United States does not prevent them from feeling Bakulq.oukal US Treasury Secretary Jack Liu," even if the new institutions show, I want to emphasize that the International Monetary Fund, the institution remains the reference to enhance the stability of the global economy. "