World Bank's Zoellick: China Yuan appreciation would be positive

CANBERRA | Mon Aug 15, 2011 8:56pm EDT

CANBERRA Aug 16 (Reuters) - The appreciation of China's yuan currency would be a positive in helping restore global economic stability and tackling China's inflationary pressure, World Bank President Robert Zoellick said on Tuesday. "The circumstances have changed a little bit. And so as China started to worry about its inflation rate, that led to some balancing of the consensus in China to move towards appreciation of the currency. That could help deal with some of the inflation rate and is also a contributer, I think, to some of the stability in the international system," Zoellick told reporters in Australia. (Reporting by Rob Taylor; Editing by Ed Davies)

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KarenHudes wrote:
Mr. Zoellick’s compliance with international securities laws would strengthen the global economy. The United States Congress was unable to approve the proposed capital increase for the World Bank without increased oversight and reform. This is because Mr. Zoellick retaliates against persons who inform the World Bank’s oversight agencies of corruption. Seehttp://foreign.senate.gov/hearings/hearing/?id=33c66777-5056-a032-525a-a0a5806634e9 and http://kaygranger.house.gov/index.cfm?sectionid=12&sectiontree=4,12&itemid=983.

In a 2005 letter, the Joint Economic Committee of the US Congress advised the Bank after investigating accounting irregularities, “It is also necessary that procedures are established permitting professional financial and accounting employees of the Bank to have independent access to the Board and its Audit Committee.” US appropriations legislation requires reform of the World Bank’s internal justice system because of serious deficiencies in controls [Foreign Operations, Export Financing, and Related Programs Appropriations Act, Pub. L. No. 109-102, 119 Stat. 2172 (2005)], but the required reforms were never made.

The World Bank refused to cooperate with a Government Accountability Office inquiry requested by Senators Lugar, Leahy and Bayh: “In March 2009, GAO staff stated that ‘we cannot begin this work because of challenges we recently faced in gaining access to World Bank officials to discuss these types of questions.’” [The International Financial Institutions, A Call for Change, A Report to the Committee on Foreign Relations of the United States Senate, 111th Congress, Second Session, March 10, 2010, at 18, available at:http://foreign.senate.gov/imo/media/doc/55285.pdf see alsohttp://citizenoversight.com/pdf/blwb.pdf]

The abuses of the World Bank’s Institutional Integrity Department are now public knowledge. [http://www.whistleblower.org/press/press-release-archive/484-bar-complaint-charges-former-world-bank-official-with-ethics-violations]. ”

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/08/14/bloomberg1376-LPX8HK1A74E901-03FVA1IG2NTLR5GQBS6OAFR1QC.DTL#ixzz1VHZyTPig

Aug 17, 2011 6:55am EDT  --  Report as abuse
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