On November 5, 2010 (September 29, 2010 in the lunar calendar), China's voting power in the International Monetary Fund will rise to third place. Chart: IMF will transfer more than 6% of shares to underrepresented countries November 5, 2010 International Monetary Fund (IMF) Managing Director Kahn announced on the 5th that the IMF Executive Board approved the quota reform plan on the same day. After the quota reform is completed, China's share will increase from the current 3.72% to 6.39%, and its voting rights will also increase from the current 3.65% to 6.07%, surpassing Germany, France and the United Kingdom, ranking behind the United States and Japan, and gaining a greater say in this international organization. Kahn said at a press conference held on the same day that after the completion of this round of IMF quota reform, more than 6% of its quota will be transferred to emerging economies, thus better reflecting the legitimacy and effectiveness of the organization. The United States, Japan, The BRIC countries (China, India, Russia, Brazil) and four European countries-Germany, France, the United Kingdom, and Italy-will become the top ten economies in the IMF's quota. Kahn said this is the most important governance reform plan in the IMF's 65-year history and the largest share transfer plan for emerging markets and developing countries. European countries will relinquish two seats on the IMF's executive board to increase the representation of emerging market and developing countries on the executive board. In response to a question from a Xinhua Agency reporter, Kahn said that the IMF quota and voting rights reform is a "dynamic" process. Given the current good economic development trend of emerging economies such as China and India, it is likely to gain more say in the IMF's next round of quota and voting rights reform. China Vice Foreign Minister Cui Tiankai said on the 5th that the IMF's share should reflect the reality of the international economic landscape, and increasing its share for China is a reasonable request. G20 leaders have long made a commitment to make progress on IMF quota reform before the Seoul Summit. "This kind of quota reform is actually to accurately reflect the international economic pattern, because the quota distribution situation has long lagged behind the reality of changes in the world economy." The G20 finance ministers and central bank governors meeting held in Gyeongju, South Korea last month reached a "historic agreement" on IMF quota reform. The IMF will transfer more than 6% of its share to underrepresented countries, including emerging countries, by 2012. The G20 Seoul Summit will be held from the 11th to the 12th of this month. This summit is the fifth gathering of member leaders since the outbreak of the international financial and economic crisis. Relevant knowledge about the International Monetary Fund: Introduction: The International Monetary Fund (IMF) was established on December 27, 1945. It is one of the world's two major financial institutions, along with the World Bank. Its responsibilities are to monitor currency exchange rates and trade conditions of various countries, provide technical and financial assistance, and ensure the normal operation of the global financial system; its headquarters is in Washington. Main functions: Formulate and supervise exchange rate policies and rules on current account payments and currency convertibility among member states; provide emergency financial facilities to member states with balance-of-payments difficulties when necessary to avoid other countries being affected by them; Provide member states with meeting venues on international monetary cooperation and consultation.