China and US agree to push for IMF reforms for emerging economies

U.S. Secretary of State John Kerry delivers a speech next to U.S. Treasury Secretary Jack Lew in Beijing Photograph:( Reuters )

Reuters Beijing Jun 07, 2016, 11.16 AM (IST)

China and the US agreed to push forward reforms at the International Monetary Fund (IMF) to increase quotas for emerging economies, China's vice premier Wang Yang said on Tuesday.

The United States will fully consider the impact that normalising monetary policy will have on international markets, Yang said.

One US bank and one Chinese bank will be appointed to act as clearing banks for yuan business in the U.S., Yang added.