The IMF’s Executive Board agreed on Friday local time to shift over six percent of voting rights shares from advanced economies to developing nations.

The move grants China the third largest share in voting rights behind the U.S. and Japan.

South Korea will also advance two notches to 16th in its ownership of voting right shares.

IMF Director General Dominique Strauss-Kahn said the ranking of shares held by each nation in the IMF is its de facto ranking in the global economy, adding that this shift is the largest ever movement of influence, acknowledging the role emerging nations play in the global economy.

This agreement follows the results of a meeting of finance ministers and central bank governors for G20 member nations held October in Gyeongju, Korea.