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Three important recent initiatives from US President Joe Biden’s administration illustrate America’s reengagement with the world and support for inclusive global multilateralism. The big question now, with the United States again seeking to play an international leadership role, is whether such cooperation can work – and how China will react to the US proposals, given rising bilateral tensions. The first major initiative was US Treasury Secretary Janet Yellen’s call for a new $650 billion issuance of special drawing rights (SDRs, the International Monetary Fund’s reserve asset) – something that President Donald Trump’s administration had blocked. Details of the plan, which has been endorsed by the G20 finance ministers and central bank governors and the International Monetary and Financial Committee, are still to be worked out. It would not only involve a record new $650 billion SDR issuance to countries in proportion to their IMF quotas. It also calls on countries no

United statesFrance generalJanet yellenJohn kerryDonald trumpVladimir putinKemal derviJoe bidenInternational monetary fundAdministrator for the united nations development programEconomic affairs of turkeyInternational monetaryAsian infrastructure investment bankBrookings institutionFinancial committeeSecretary janet yellen