China pledges $43bn to IMF coffers

China pledged US$43 billion to the International Monetary Fund, accompanied by smaller commitments by other developing nations of around US$10 billion apiece, The Wall Street Journal reported. As their contributions increase, China and other emerging markets have called for governance reforms within the IMF to give them greater say in the organization. The IMF should finish reforms and “implement relevant arrangements,” said Chinese Foreign Ministry spokesman Hong Lei of the commitments. “We believe such a move will enhance a say for developing and emerging markets in international financial institutions,” he added. He Jianxiong, an official from China’s central bank, said his country was also working with financial authorities from Brazil, India and Russia to pool foreign exchange reserves and implement currency swaps intended to provide contingency measures in the event of further troubles in the euro zone.