Central banker named special advisor to IMF chief

08:59, February 25, 2010      

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The deputy Chinese central bank governor, Zhu Min, was named special advisor to the International Monetary Fund chief, in a move signaling China's increasing role in global finance, AFP reported.

IMF managing director Dominique Strauss-Kahn notified the fund's executive board of his intention to appoint Zhu Min, currently deputy governor of the People's Bank of China, as his special advisor, a fund statement said Wednesday.

Zhu, who joined the Chinese central bank in 2009 after more than a decade as a senior executive of the Bank of China, is expected to assume his position on May 3, the Washington-based fund said in a statement.

It is the highest ever IMF staff position to be held by a Chinese citizen.

The impending appointment follows growing clamor from China and other emerging nations for a bigger say in the running of the IMF and World Bank, the twin Bretton Woods institutions.

China hailed the move, saying it would pave the way for better cooperation between the IMF and emerging economies.

"I would say that China welcomes Mr Zhu's appointment, which we hope will help strengthen cooperation between the emerging economies, including those in Asia, and the IMF, contributing to sustained growth of world economy and international financial stability," embassy spokesman Wang Baodong told AFP.

Strauss-Kahn said that Zhu would play "an important role in working with me and my management team in meeting the challenges facing our global membership in the period ahead."
He would also strengthen the Fund's understanding of Asia and emerging markets more generally, Strauss-Kahn added.

"Zhu Min brings a wealth of experience in government and the financial sector, and I look forward to his counsel."

It has long been speculated that Zhu, who holds an economics doctorate from Johns Hopkins University and who was an economist at the World Bank from 1991 to 1996, would be appointed to a high-level post in the IMF.

Some had expected him to be named IMF deputy managing director.

Strauss-Kahn's move Wednesday followed a decision by leaders of the Group of 20 industrialized and emerging nations to give a bigger voice to developing countries at the fund, long considered a rich nations' club.

The G20 also endorsed a shift of "at least five percent" in quota share, or voting power, to emerging market and developing countries, part of the reform of the governance and structure of the lumbering Bretton Woods institution, founded in the aftermath of World War II to promote financial stability.

Source: People's Daily Online/Agencies

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