IMF reforms give China more power
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Reforms of the IMF's voting and financial structures give China and other emerging economies more influence.
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A financial portal is born in China.
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ESSEN, Germany  - China joined the Group of Seven nations for talks on the global economy on Saturday, marking an effective expansion of the club which may also admit other emerging economic powerhouses to almost double its size.
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IMF Managing Director Rodrigo Rato said on Thursday strong economic growth in China makes the time ripe for Beijing to start moving toward a more flexible currency.
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Developing countries are agitating for greater decision-making power in the International Monetary Fund and the World Bank, but the head of the IMF acknowledged that political consensus on the question was lacking.
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The IMF overhauls the way it scrutinises exchange rate policies worldwide, to ensure the stability of the global economy.
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CHINA has raised its interest rates for the first time in nine years to curb inflation and stop its fast-growing economy overheating.
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New rules come into force giving China more say over how Tibetan monks select their leader, the Dalai Lama.
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The International Monetary Fund added its voice to the growing calls for China to float its currency immediately.
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In an effort to gain economic cooperation, the U.S. is pushing for China and other developing nations to get more power.
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China is committed to revamping its foreign exchange regime and further relaxing its capital account controls, central bank governor Zhou Xiaochuan said on Saturday.
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China introduces new laws allowing foreigners to apply for longer residency rights.
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Chinaâs central bank said it would gradually promote reforms of the yuanâs exchange rate regime and improve its foreign exchange management this year.
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Hedge funds, known for flexing their financial muscles around the globe but still largely shut out of China, hope the quickening pace of Beijing's reforms will open new gateways into the world's fourth-largest economy.
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China&#39;s central bank has said that a decision to end a cap on lending rates is part of a plan to bring its banks more in line with international standards and give them greater freedom to lend.
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Passage of a proposal to reform the voting structure of the 184-nation International Monetary Fund appeared likely Monday despite opposition from several member countries.
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International Monetary Fund policymakers are expected Sunday to back a sweeping reform movement at the 61-year-old institution, giving emerging market nations a stronger voice and expanding the scope of its operations.