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April 17.1980-IMF formally decided to resume our representation

Show:1378 times , datetime:2024-10-20 14:13:50

On March 3rd (Gengshen years), April 17, 1980, the IMF formally decided to restore the rights of our representatives. Reference 1980 on April 17, 2010, the IMF formally decided to resume the People's Republic of China's representation in the organization.

IMF and the international financial institutions is established according to the IMF agreement adopted in July 1944, the United Nations Monetary and Financial Conference, was formally established in December 1945. Its purpose: to discuss and promote international monetary cooperation, to the Member States to provide short-term loans, the to solve temporary imbalance in its international balance of payments, in order to promote monetary and exchange rate stability and the development of international trade.
the organization in 1969, the creation of "special drawing rights", pro rata based on the share paid by the Member States, it can be used as currency reserves of the Member States, together with gold and foreign exchange, now the International Monetary fund organizations such as the unit of account of the share of loans. The organization's funds comes from the Member States to pay the fund shares (a total of $ 19 million SDRs) and borrowing in the international capital market. The highest authority is the Council, the day-to-day work is handled by the Executive Board, is proportional to the voting rights of directors and members of fund shares they represent.
IMF loan is limited to a loan to the Government of the Member States, is mainly used to solve the imbalance of international payments of the Member States; proportional to the line of credit with the Member States to pay the share; loans taken by the Member States in national currency to the Fund organizations to apply for the redemption of foreign exchange, also known as purchase or extract; payments, buy back their currencies to gold or foreign exchange, known as the repurchase. Types of loans granted by the IMF; ordinary loans (including gold share of the loan, the first tranche of credit, high-grade credit), compensatory financing of export fluctuations, buffer stock loans, oil loans, medium-term loans, trust funds and supplementary loans.

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