IMF calls for more financial reforms as Beijing seeks reserve currency status

The International Monetary Fund has voiced demands for greater financial reforms in China as its government pushes for the institution to grant the yuan reserve-currency status, The Wall Street Journal reported. IMF staff are now gathering data and speaking to government officials as they prepare an official recommendation for the executive board to consider; IMF spokesperson Gerry Rice said that an “important part of those discussions are financial market reforms in China.” That position is in line with Washington’s efforts to leverage Beijing’s push for reserve-currency status to encourage a stronger revamp of China’s financial sector.