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China and International Monetary Fund (IMF)
2004/04/19
The International Monetary Fund was established on 27 December 1945. Its Managing Director is Michel Camdessus of France. China is a founding member of the IMF, but the Taiwan authorities occupied China's legal seat since the founding of new China. China regained its legal seat on 17 April 1980 and has since attended every Annual Meeting. China's quota in the IMF is 3.3852 billion SDRs, or 2.34% of the total. China has 34,102 votes, or 2.28% of the total. China has been a separate constituency in the IMF since 1980 and appoints its own Executive Director. The present Executive Director is Mr. Wei Benhua. China borrowed 450 million and 600 million SDRs from IMF's General Reserve Account in March 1981 and November 1986 respectively and has repaid the borrowing.

The joint IMF /World Bank Annual Meeting was held in Washington and Prag from in 1998, 1999 and 2000 respectively. The meeting of International Monetary and Financial Committee and the meeting of the Development Committee of IMF and the World Bank are held annually.  Mr. Xiang huaicheng, Minister of Finance and Governor of the World Bank, and Mr. Dai Xianglong, Governor of People's Bank of China and Governor of the IMF participated in the Annual Meetings as heads of the Chinese delegation. In addition, the Chinese delegation participated as "special invitee" in the G24 meeting.  Due to the aftermath of ?9.11? terrorist attack, the Annual Meeting of IMF/World Bank has to be cancelled.
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