The highest authority of the IMF is the board of directors, which consists of 1 directors and 1 deputy directors from member countries, usually held by finance ministers or central bank governors of various countries. A meeting is held in September every year, and each Council independently exercises its voting rights (the voting rights of each country are determined by the amount of funds paid); The executive board of directors is responsible for the daily work and exercises all powers entrusted by the board of directors. It consists of 24 executive directors, 8 of whom are appointed by the five countries with the largest fund share (the United States, Japan, Germany, France and Britain) and three other countries (China, Russian Federation and Saudi Arabia). The remaining 65,438+06 executive directors were elected by other member States in 65,438+06 constituencies; China is a separate constituency with only one seat. Executive directors are elected every two years; The managing director is elected by the executive board and is responsible for the business of the International Monetary Fund. The term of office is five years and can be renewed. The current managing director is christine lagarde, and there are four vice presidents.

The temporary committee of the organization is regarded as the decision-making and guiding body of the International Monetary Fund, one of the two largest financial institutions in the world. The Committee will play a full role in policy cooperation and coordination, especially in formulating the medium-term strategy. The Committee consists of 24 executive directors. The International Monetary Fund holds an annual meeting with the World Bank. Formulate and supervise exchange rate policies, current account payments and currency exchange among member States;

Provide emergency financing to member countries with balance of payments difficulties when necessary to avoid other countries being affected by it;

Providing meeting places for international monetary cooperation and consultation for member countries;

Promoting international cooperation in the financial and monetary fields;

Promote the pace of international economic integration;

Maintain the international exchange rate order;

Assist in establishing a normal multilateral payment system among member States. The application to join the International Monetary Fund will be first considered by the board of directors of the organization. After that, the Board of Directors will submit a report on the "Members' Resolution" to the Governance Committee, which will suggest how many quotas and terms the applicant country can get in the fund. After the Governance Committee accepts the application, the country needs to amend the law, confirm the signed accession documents and promise to abide by the rules of the IMF. In addition, the currency of a member country cannot be linked to gold (it cannot be exchanged for the country's gold reserves).

The "quota" of member countries determines a country's membership dues, voting rights, share of financial assistance and the number of special drawing rights.

China is one of the founding members of the organization. 1980 On April 17, the International Monetary Fund officially resumed the representation of China. At that time, China's share in the organization was 8090 1 100 million SDR, accounting for 4% of the total share (the data came from the data released by the IMF in official website on June 9, 200012).

2010165438+16 October, the Executive Board of the International Monetary Fund passed the reform plan, and China's share is proposed to increase from 4% to 6.39%. After China resumed her seat in the IMF from 1980, she formed a separate constituency and appointed an executive director. 199 1, which established a permanent representative office in Beijing.

The International Monetary Fund (IMF) is an organization with 188 countries, which is committed to promoting global financial cooperation, strengthening financial stability, promoting international trade, and assisting countries to achieve high employment rate and sustainable development. North Korea, Liechtenstein, Cuba, Andorra, Monaco, Tuvalu and Nauru are not members of the IMF, while Kosovo, which is not a member of the United Nations, is a member of the IMF. The IMF's rules of procedure are very distinctive, and a weighted voting system is implemented. The voting right consists of two parts, each member country has 250 basic voting rights and weighted voting rights according to the share paid by each country. Because the basic votes are the same in all countries, the weighted voting right plays a decisive role in actual decision-making. The weighted voting right is directly proportional to the share paid by each country, and the share is determined according to a country's gross national income, the degree of economic development, the degree of international trade before the war and other factors.

The voting rights of the IMF are mainly in the hands of the United States and the European Union.

The United States is the largest shareholder of the IMF, with a share of 17.69%, while China only accounts for 4%, which obviously cannot accurately reflect the increasing importance of China in the world economy. The IMF's practice of dividing members' right to speak and vote according to their economic strength obviously violates the basic principles of traditional international law and has caused dissatisfaction among many countries, especially developing countries. According to statistics, the basic voting rights once exceeded 15% of the total voting rights of the IMF, but now it only accounts for 2% of the total due to the expansion of the IMF.

In 20 10, the IMF executive board passed a reform bill, and China's share plan rose from 3.65% to 6. 19%. 20 13, 1 1, the us congress rejected this proposal. Special Drawing Rights (SDR) is a reserve asset and accounting unit created by the International Monetary Fund, also known as "paper gold". This is the right to use the funds allocated by the International Monetary Fund to member countries. When a member country has a balance of payments deficit, it can exchange foreign exchange with other member countries designated by the IMF to pay the balance of payments deficit or repay IMF loans, and it can also act as an international reserve like gold and freely convertible currencies. However, because it is only a unit of account, not a real currency, it must be converted into other currencies before use and cannot be directly used for trade or non-trade payment. Because it is a supplement to the original ordinary drawing rights of the International Monetary Fund, it is called Special Drawing Rights (SDR).

SDR is not a tangible currency, it is invisible and intangible, just a book asset.

20 1110/0 month1day, the IMF's "basket" of currencies accounted for USD (4 1.9%), EUR (37.4%) and JPY (9.4%) respectively.

2015165438+1October 30th, the IMF adjusted the basket currency weights as follows: USD 4 1.73%, EUR 30.93%, RMB 10.92% and JPY 8.33%. The managing director is the chief executive officer of the International Monetary Fund, assisted by the vice president. The managing director is elected by the executive board, responsible for managing the daily affairs of the IMF, and concurrently serves as the chairman of the executive board for a term of five years. The president can participate in the board of directors and the executive Committee, but usually has no voting rights. Only when the votes of the Executive Committee are equal can he cast a decisive vote. Although the International Monetary Fund and the World Bank are global institutions, they are still controlled by western countries. The president of the International Monetary Fund is usually a European, while the president of the World Bank is always an American.

Since the International Monetary Fund Agreement signed in 1944 was established in1945+February, so far, * * * there are 10 Europeans as IMF managing directors, including 4 French. The International Monetary Fund (IMF), headquartered in Washington, USA, announced on June 28th that Lagarde, the current French female finance minister, will be the managing director of the IMF. Lagarde nominated Zhu Min, former vice president of Bank of China, as the newly added fourth vice president, who will take office at the IMF on 26th. The IMF has 16 functional departments responsible for business activities. In addition, the IMF has two permanent overseas offices, namely, the European office (located in Paris) and the Geneva office.