After high-level talks in May, Chinese vice premier Wang Qishan announced US support for the inclusion of the yuan in the currency basket for the IMF’s special drawing right, the international reserve asset issued by the Fund. While this supports Chinese plans to make the yuan an alternative reserve currency alongside the US dollar and the euro, IMF recommendations for China to speed up the move to convertibility and fully open its capital account have attracted domestic criticism. Li Daokui, an advisor to the People’s Bank of China, argued in November that “China shouldn’t accept other countries’ timelines or conditions for the inclusion of its currency” and noted that the process of opening could take another ten years.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.