By Jiahui HuangThe International Monetary Fund will set up a regional center in Shanghai, the first of its kind in China, to strengthen its ties in the Asia-Pacific region. The Shanghai regional center will promote research and provide policy suggestions to emerging markets and middle-income countries, the IMF and the People's Bank of China said in a joint statement Wednesday. The new center will collaborate with the China-IMF Capacity Development Center, which will be relocated to Shanghai from Beijing. The IMF has been providing training in China for more than three decades, according to the CICDC website. "We believe the Shanghai Regional Center will deepen cooperation between the IMF and China, enhance macroeconomic policy exchange and coordination among the Asia Pacific countries, and support regional and global financial stability," PBOC Gov.

Source: Wall Street Journal June 19, 2024 16:18 UTC