News Brief: IMF Board of Governors Approves Quota Increase for China
February 8, 2001
The Board of Governors of the International Monetary Fund (IMF) approved a proposal by the Executive Board for an increase in China's quota to SDR 6, 369.2 million (about US$8.3 billion at today's exchange rate) from SDR 4, 687.2 million (about US$6.1 billion) (see Press Release No. 01/01 of January 4, 2001). The decision responded to a request from China for a special increase in its quota to reflect its position in the world economy following the resumption of Chinese sovereignty over Hong Kong.
China will have 30 days to consent to, and pay, the increased quota subscription. The decision provides that China should pay 25 percent of the quota increase, SDR 420.5 million (about US$545 million) in SDRs or usable currencies specified by the IMF, with the remainder paid in China's own currency. The increase in China's quota brings total IMF quotas to SDR 212.4 billion (about US$275 billion).