On February24, 2016, the second meeting of G20 International Financial Architecture Working Group (IFA WG)was held in Shanghai. The meeting was co-organized by the People’s Bank of China (PBC) and the IFA WG co-chairs namely the Ministry of Finance of France and the Ministry of Finance of South Korea. PBC Deputy Governor Yi Gang attended and addressed the meeting. Participants discussed issues such as how to better monitor and deal with capital flows in the context of tighter financial conditions and heightened financial market volatility; ways to push forward the quota and governance reform of the International Monetary Fund (IMF), so as to facilitate timely completion of the 15th General Review of Quota, following the entry-into-force of the IMF’s 2010 quota reforms; improving the global financial safety net in order to ensure its adequacy and effectiveness and to better mitigate systemic risks, promoting the orderliness and predictability of sovereign debt restructuring processes and strengthening debt sustainability frameworks, and enhancing the role of the SDR, which can help improve the international monetary system.

Representatives from G20 members, invited guest countries and relevant international organizations attended the meeting.