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October 14, 2009

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Home » Business » Economy

BOC exec set to take role at IMF

A Bank of China executive will take up a senior post at the International Monetary Fund, a person with direct knowledge of the situation said yesterday, as China seeks more power in the Washington-based agency.

Executive Vice President Zhu Min, a former World Bank economist, may first transfer to China's central bank before assuming his IMF role, the person said, declining to disclose his new titles.

Chinese magazine Caijing reported yesterday that Zhu will act as vice governor of the People's Bank of China before being appointed vice president of the IMF.

China and some other developing countries have been pushing for more voting power at the IMF to help build a global monetary environment conducive to their growth model. The IMF, meanwhile, needs China's support as the fund embarks on an ambitious reform agenda in the middle of the global financial crisis.

"China needs a more favorable set of global rules to help its economic growth and capital market reforms," said Liu Jun, an analyst at Chang Jiang Securities Co.

"Zhu's international experience and background makes him a good choice for the IMF job," Liu said, adding that his departure would not have a negative impact on BOC.

BOC spokesman Wang Zhaowen declined to comment, while Zhu could not be immediately reached. The source declined to be identified because he is not authorized to speak to the media.

Zhu, who earned a master's degree from Princeton University and a doctorate in economics from Johns Hopkins University, joined BOC in 1996 to help the lender conduct initial public offerings in Shanghai and Hong Kong.


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