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China Briefings

Reports on China issued by Samsung Economic Research Institute

Globalization of the Chinese Yuan

Globalization of the Chinese Yuan

Samsung Economic Research Institute Beijing Office

Oct. 5, 2009

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1. The Importance of Green Building Industry

□ The ability of the current global financial system in overcoming the current financial crisis is limited.

-  The fundamental problems are global imbalance and excessive liquidity. To prevent the recurrence of a similar financial crisis, the global financial order should be reformed and reorganized.

-  The ongoing crisis illuminated weakness in the global financial system, i.e. a lack of proper supervision, which roiled the financial market and sent the real economy into recession.

-  Emerging economies and developing countries want the decision-making process at international financial organizations to be reformed. They believe the institutions do not represent their advances in the international community.

• At the International Monetary Fund (IMF), developed countries and emerging countries have 57.9% and 42.1% of voting rights, respectively (40.5% before April 2008).

• The US has a veto right at the IMF and exercises absolute power in selecting the World Bank president.

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