China and the IMF: A troubled relationship

Abstract

China is trying to find its place in the International Monetary System. In the last years there was an assumption that the Chinese development model could replace the traditional prescriptions of Washington Consensus and find followers in the emerging markets. The reality seems to be different: the China model is unique and it is hard to be replied abroad. Beijing is taking an active role in many regional financial institutions and mechanisms, such as in the Chiang Mai Initiative Multilateralization, but these efforts could not be necessarily inconsistent with the global framework provided by the IMF. The greater weight given to China in the IMF through the recent reforms and the inclusion of the renminbi in the SDR basket will probably inaugurate a new path of relationship between IMF and China, giving the country the role of a "responsible stakeholder" in the management of the world economy.