On April 13, 2016, the third meeting of G20 International Financial Architecture Working Group (IFA WG)was held in Washington D.C. the United States. 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 bridge data gaps of capital flows to identify risks and improve early warning exercises, and to better deal with capital flow volatilities drawing on country experiences; improving the global financial safety net in order to ensure its adequacy and effectiveness, strengthening the central role of the International Monetary Fund (IMF) in the global financial safety net, improving its lending toolkit, and enhancing cooperation with regional financial arrangements; continuing to promote inclusion of enhanced contractual clauses into new issues and existing stock of sovereign bonds, promoting the orderliness and predictability of sovereign debt restructuring processes, and exploring the use of GDP-linked bonds; continuing to push forward the quota and governance reform of the IMF, so as to facilitate timely completion of the 15th General Review of Quota; and ways to gradually strengthen the role of the SDR.

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