Major structural shifts continue to transform the global economy, and many legacy issues from the global financial crisis remain challenging. The confluence raises vulnerabilities and alters the nature of risks, underlining the need of further reforms of international monetary system (IMS). What is the implication of RMB being included in the SDR basket? How can the cooperation between the IMF and Regional Financial Arrangements (e.g., CMIM) be enhanced? How should the IMF’s toolkits be reformed to help members better manage volatility and safeguard financial stability in an increasingly interconnected world? And ultimately, how can the IMS better support the overarching goal––Asia’s convergence to advanced country income levels?

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