International Monetary Fund (IMF) Deputy Managing Director Zhu Min speaks before an international financial forum. (Photo : Reuters)
Zhang Tao, a central bank veteran with experience at multilateral development banks, is being considered to become the next International Monetary Fund (IMF) deputy managing director as China plans to nominate Zhang to replace Zhu Min who holds the current post, according to a report by Caixin magazine.
Citing the Caixin report, Bloomberg said that Zhu, whose term at the IMF will expire in July, will be succeeded by Zhang.
IMF has three deputy managing directors. There is a first deputy managing director, typically held by an American by tradition, and a European managing director, currently held by Christine Lagarde.
One of the deputy slots is held by China, indicating the country's growing economic role, and the policy makers' drive to encourage the use of funds in the global financial system.
Zhang is now deputy governor of the People's Bank of China, a position previously held by Zhu before he took the IMF job. Zhang's promotion was announced by the State Council on its website including other personnel changes in various agencies of the government.
According to his profile on the IMF's website dated 2012, Zhang worked at the World Bank from 1995-1997 and the Asian Development Bank from 1997-2004. He also held various positions within the PBOC, the country's central bank.
Since July 2011, when the position was created, Zhu has been deputy managing director of the IMF. The other two deputy managing director posts are held by a Japanese and a Brazilian-Italian.
Zhang is the fifth among the central bank's current six deputy governors to have a PhD. He earned his doctorate at the University of California, Santa Cruz.
PBOC Governor Zhou Xiaochuan, the longest-serving central banker among major economies, has long been advocating for financial reforms, giving importance to staff with international experience. Compared to other government agencies, there are more people with senior ranks in the central bank with overseas education and experience, which reflects PBOC's global outlook.
Meanwhile, an IMF spokesman said in an email that the IMF will announce Zhu's replacement in due time, while the PBOC has not replied to Bloomberg's message for comment.
