World Bank official says reform of international monetary system looks to China for clear solution

"China should make full use of the trade advantages, financial strength and economic scale it currently has, and put forward its own clear plan at the negotiating table for reform of the international monetary system," said Mansor Darami, International finance director of the World Bank's Development Forecast Bureau, 3rd.　　Dailami the financial crisis and the International Monetary System Reform Symposium sponsored by the Finance and Development Center of the Asia Pacific and the Shanghai National Accounting Institute, "We expect China to come up with a clear plan for how the International monetary system will evolve in the future, hoping to hear from China," he said. Fundamental reforms are looming in the keynote speech on the reform of the international monetary system, Dailami stressed that over the past more than 60 years, the old international monetary system has been in the "small repair" to maintain the present, but this unprecedented financial crisis, so that people realize that "small repair" has been unable to solve the shortcomings of the international monetary system,　　What is needed now is a painful determination to make a fundamental reform of the system. Dailami said, "We should learn from the crisis, we should build a new international monetary system to avoid similar crises in the future," the system to allow a certain degree of flexibility, while avoiding excessive exchange rate fluctuations.　　The system will also provide sound, adequate liquidity for the economy, and promote banking reform and strengthen banking regulation.　　Dailami, in an interview with China Securities Daily, said that while the international community has reached a consensus on the fundamental reform of the old international monetary system, it still needs to pay attention to consolidating and fully exerting some of the achievements now achieved.　　Looking forward to China's voice to the reform of the international monetary system, Dailami blunt, very look forward to hearing China's voice, look forward to China in the coordination of the system to play a greater role. "After this crisis, the global system will also change dramatically, and the dominance of the United States in the global financial system will be weakened so that developing countries will have some right to participate in the global economic and financial decision-making process." "China is now the largest developing country, and China is the world's leading exporter, with 2 trillion U.S. dollars in foreign exchange reserves accounting for almost 1/3 per cent of the world," Dailami said. China should make full use of these advantages to negotiate. Dailami points out that Beijing needs to consider the internationalisation of the renminbi and the convertibility of capital. Some of the actions taken by the Chinese government in the past few weeks have been encouraging, but continuous and consistent measures are needed to give the market a full and stable outlook.　　The internationalisation of the renminbi will not only benefit China, but also benefit the rest of the world. Dailami also pointed out that the promotion of renminbi internationalization means that China should take more responsibility. In particular, he noted that China's recent injection of funds into the International Monetary Fund had been well recognized by the international community. (Liang)