China eyes PBOC veteran Zhang as next IMF deputy: reports

BEIJING (May 20): China plans to nominate Zhang Tao, a central bank veteran with years of experience at multilateral development banks, to replace International Monetary Fund Deputy Managing Director Zhu Min, Caixin magazine reported.

Zhang would succeed Zhu when Zhu’s term at the IMF is up in July, according to Caixin, which didn’t say where it got the information. The Washington-based lender has three deputy managing directors, along with a first deputy managing director -- typically held by an American -- and by tradition a European managing director, currently Christine Lagarde.

China’s hold on one of the deputy slots reflects the nation’s growing economic might and comes as its policy makers push for increased global use of the fund’s unit of account in the global financial system.

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