IMF pick shows China's clout
By Zhang Fengming |
February 26, 2010, Friday
|
Print Edition
Print Edition
THE International Monetary Fund has named Zhu Min, a deputy governor of China's central bank, as special adviser to the fund chief - a move signaling China's rising clout in the global finance arena.
It is the highest IMF staff position to be held by a Chinese.
His appointment is viewed as a sign of China's important role in world financial bodies that are still dominated by developed countries, especially after the global financial crisis that battered major developed economies.
In February 2008, the World Bank named Lin Yifu as its senior vice president for development economics and chief economist, the first time a Chinese has held the job.
Zhu, 58, is expected to assume his IMF position on May 3. He joined the People's Bank of China in 2009 after more than a decade as a senior executive of the Bank of China. He is no stranger to multinational agencies, having worked at the World Bank for six years before moving to BOC, the country's biggest foreign exchange lender.
IMF managing director Dominique Strauss-Kahn said that Zhu ''brings a wealth of experience in government and the financial sector, and I look forward to his counsel."
"As special adviser, he will play an important role in working with me and my management team in meeting the challenges facing our global membership in the period ahead, and in strengthening the fund's understanding of Asia and emerging markets more generally," he said.
China hailed the move, saying it would pave the way for cooperation to be strengthened between the IMF and emerging economies.
"Emerging markets and developing countries are showing a bigger role in the global economic and financial system," the PBOC said yesterday. "That's why taking in more professionals from these nations is part of the key steps for global financial bodies to better their management when facing a changing world economic landscape."
There is rising speculation that a Chinese might move up to be a deputy managing director of the IMF.
It is the highest IMF staff position to be held by a Chinese.
His appointment is viewed as a sign of China's important role in world financial bodies that are still dominated by developed countries, especially after the global financial crisis that battered major developed economies.
In February 2008, the World Bank named Lin Yifu as its senior vice president for development economics and chief economist, the first time a Chinese has held the job.
Zhu, 58, is expected to assume his IMF position on May 3. He joined the People's Bank of China in 2009 after more than a decade as a senior executive of the Bank of China. He is no stranger to multinational agencies, having worked at the World Bank for six years before moving to BOC, the country's biggest foreign exchange lender.
IMF managing director Dominique Strauss-Kahn said that Zhu ''brings a wealth of experience in government and the financial sector, and I look forward to his counsel."
"As special adviser, he will play an important role in working with me and my management team in meeting the challenges facing our global membership in the period ahead, and in strengthening the fund's understanding of Asia and emerging markets more generally," he said.
China hailed the move, saying it would pave the way for cooperation to be strengthened between the IMF and emerging economies.
"Emerging markets and developing countries are showing a bigger role in the global economic and financial system," the PBOC said yesterday. "That's why taking in more professionals from these nations is part of the key steps for global financial bodies to better their management when facing a changing world economic landscape."
There is rising speculation that a Chinese might move up to be a deputy managing director of the IMF.
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