SDR inclusion will mean an endorsement of the renminbi as an international reserve currency, and at the same time, the Chinese government will have the power and capacity to steer and manage the renminbi exchange rate.

Comparing the world’s two largest economies by “who’s on top” analysis is the wrong way view U.S. and Chinese leadership, and can even be a barrier to sensible policy, like IMF quota reform. The rules of the game now require a larger and more equal share in the governance of the international institutions.

Due to American opposition to IMF reform, public confidence in the IMF has been seriously undermined, making its representation, legitimacy and relevance questionable in the eyes of the international community. Therefore, it is imperative that the IMF rapidly advance the reform plan.