China wants more say in global financial bodies

Financial Crisis Posted on

China will want a bigger say in any new global financial order emerging from the current economic crisis, but will likely move cautiously in contributing to a proposed bailout fund for economic reeling countries, economists said Wednesday.

British Prime Minister Gordon Brown has called on China and oil-rich Persian Gulf states to fund a major increase to a bailout fund at the International Monetary Fund, the latest call for Beijing to use some of its $1.9 trillion of reserves.

Beijing's leaders have said they are willing to cooperate internationallly, but have said China's responsibility lies in keeping its economy going by boosting domestic demand.

China has already cut interest rates — including by just over a quarter point Wednesday — and economists predict it will take further measures to boost domestic consumption. However, weaker export demand from Western markets means China must remain cautious with its money. The majority of its foreign currency reserves are invested in U.S. Treasury securities, which is also lending support to the U.S. economy.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs