Zhang will step in as the IMF's new deputy managing director on Aug. 22. (Photo : CCTV News via YouTube)
Zhang Tao, the current deputy governor of the People's Bank of China (PBOC), has been selected to become the next deputy managing director of the International Monetary Fund (IMF), effective Aug. 22.
The proposal came from outgoing IMF managing director Christine Lagarde.
"Mr. Zhang brings a strong combination of international economic expertise, public sector policymaking, and diplomatic skills," Lagarde said in a statement. "He also has extensive experience with international financial institutions, excellent communication and negotiating skills, and a superb knowledge of IMF policies and procedures."
Lagarde added that Zhang is "very well-known and highly respected [at] the Fund, having served as executive director for China from 2011 to 2015."
The central bank veteran headed the Legal Affairs Department at PBoC before becoming its deputy governor. He also became the director general of the Department of Financial Survey and Statistics, as well as the International Department, according to the IMF's press release.
Zhang worked at the World Bank from 1995 to 1997 and at the Asian Development Bank from 1997 to 2004, gaining extensive experience in country operations, particularly across the Asia-Pacific region.
Zhang has an M.A. and Ph.D. in International Economics from the University of California, Santa Cruz, and B.S. Electrical Engineering and M.S. Finance degrees from Tsinghua University in Beijing, per IMF.
Zhang will succeed Min Zhu, who is set to step down on July 25.
According to China Daily, Min has been the deputy managing director of the IMF since the role was created in July 2011. He became the first Chinese banker to assume such a high-ranking position at the IMF.
Three deputy managing directors are assigned at the IMF. The first spot is held typically by an American, per tradition. Another is given to a European managing director, now handled by Lagarde. The last slot is usually held by a Chinese banker, underscoring China's strong economic role.
