Bessma Momani and Kevin A. English
Anton Malkin and Bessma Momani
This chapter examines China’s growing institutional linkages with the International Monetary Fund (IMF/Fund) through the lens of China’s history of advocacy and support for the Fund as a central institution in global monetary governance. We suggest that China’s demands for international monetary system (IMS) reform are long-standing, dating back to the 1980s, and that they culminated with China’s currency, the renminbi (RMB) joining the Special Drawing Rights basket of currencies in 2016 and other burgeoning avenues for cooperation between Beijing and IMF staff and management. We find that the IMF has benefited from China’s support for the organization and has moved to more actively support Beijing in its foreign economic policy efforts, including RMB internationalization and the One Belt, One Road (OBOR) initiative. We suggest that the Fund, as an international organization, has found cooperation with Beijing to be useful in addressing its own waning legitimacy in global governance.