Business / Economy

IMF chief to appoint China's central bank official as deputy managing director

(Xinhua) Updated: 2016-07-09 11:17

IMF chief to appoint China's central bank official as deputy managing director

Zhang Tao, deputy governor of the People's Bank of China (PBOC), China's central bank, delivers a speech during the Lujiazui Forum 2016 in Shanghai, China, June 12, 2016. [Photo / IC]

WASHINGTON - Managing Director of the International Monetary Fund (IMF) Christine Lagarde on Friday announced her proposal to appoint Zhang Tao, currently deputy governor of the People's Bank of China (PBOC), as the next deputy managing director of the organization, effective from August 22.

Zhang, a central bank veteran with years of experience at multilateral development banks, will succeed Zhu Min, who is due to step down later this month after finishing his five-year term as the IMF's deputy managing director, the Washington-based international lender said in a statement.

"Zhang brings a strong combination of international economic expertise, public sector policymaking, and diplomatic skills," Lagarde said, adding that he also has extensive experience with international financial institutions, excellent communication and negotiating skills, and a superb knowledge of IMF policies and procedures.

Zhang has worked for the World Bank and the Asian Development Bank from 1995 to 2004, and served as an executive director for China at the IMF from 2011 to 2015. "Indeed, he is very well known and highly respected here at the Fund," Lagarde said.

Zhang has also held various positions at Chinese central bank over the course of his career, including as director general of the department of financial survey and statistics, director general of the international department, and head of the legal affairs department, said the IMF.

Zhang holds a Ph.D. in international economics from the University of California, Santa Cruz, and was promoted to his current position as deputy governor of the PBOC in May, 2016.

Zhu has been deputy managing director of the IMF since the additional role was created in July 2011. He was the first Chinese to hold such senior position at the IMF.

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