Yellen's IMF Funding Plan Faces Resistance from China, Supported by India

U.S. Treasury Secretary Janet Yellen said her plan for an "equi-proportional" increase in IMF quota resources is likely to happen despite China's concerns.

The U.S. plan would have countries contribute towards IMF quota increase proportionally to current shareholdings.

China wants more IMF shares and influence but would have to wait under the U.S. plan.

India's Finance Minister backed the U.S. plan as a temporary solution to quickly boost IMF funding.

IMF head called for a deadline to adjust shareholding structure to give more weight to large emerging markets.