PBOC adviser: US clout impedes reform of IMF

BEIJING - Emerging economies should have a say in who should take the helm of the International Monetary Fund, but overhauling the global agency is more important than the succession issue, an adviser to the People's Bank of China said on Tuesday.

Xia Bin, who sits on the central bank's monetary policy committee, also told Reuters that reform of the IMF will not make significant progress unless the United States is willing to give up its dominant voting share in favor of developing countries.

"It's not an issue of who will be the candidate for the IMF Managing Director. The problem is that the voting share of the United States is too big," he said.