A shakeup in international banking brings us this week’s Marketplace Money Buzzword: IMF.
The IMF, or International Monetary Fund, is an agency that monitors the world economy and lends money to countries in financial crisis.
This week the IMF boosted China’s share of the vote.
China has the world’s fourth-largest economy. Many believed it didn’t have fair representation. Smaller countries like Belgium and the Netherlands had more pull.
The US and others hailed the move as positive reform. How much reform? Enough to move China from a 2.9 percent share to a 3.7 percent share.