Zhu Min25 February 2010
China bank official named special advisor to IMF chief
WASHINGTON : The deputy Chinese central bank governor, Zhu Min, was named special advisor Wednesday to the International Monetary Fund chief, the Fund said, signaling China's increasing role in global finance.
IMF managing director Dominique Strauss-Kahn notified the fund' 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.
Zhu Min, 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.
"Zhu Min brings a wealth of experience in government and the financial sector, and I look forward to his counsel," Strauss-Kahn said.
"As special advisor, 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.
It has been long speculated that Zhu Min, who holds an economics doctorate from Johns Hopkins University and who was an economist at the World Bank from 1991 to 1996, will be appointed to a high level post in the IMF.
Some 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 for developing countries at the fund, long considered a rich nations' club.
The G20 also endorsed a shift in quota share, or voting power, to emerging market and developing countries of "at least five percent," 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.
The emerging and developing countries have battled for years for a greater voice at the multilateral table to better reflect their growing weight in the global economy.
Under a longheld tradition, Europe appoints the IMF head while the United States holds the World Bank chief and Japan leads the Asian Development Bank.
Last year, Justin Yifu Lin of China became the first World Bank chief economist from a developing country.
- AFP /ls
WASHINGTON : The deputy Chinese central bank governor, Zhu Min, was named special advisor Wednesday to the International Monetary Fund chief, the Fund said, signaling China's increasing role in global finance.
IMF managing director Dominique Strauss-Kahn notified the fund' 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.
Zhu Min, 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.
"Zhu Min brings a wealth of experience in government and the financial sector, and I look forward to his counsel," Strauss-Kahn said.
"As special advisor, 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.
It has been long speculated that Zhu Min, who holds an economics doctorate from Johns Hopkins University and who was an economist at the World Bank from 1991 to 1996, will be appointed to a high level post in the IMF.
Some 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 for developing countries at the fund, long considered a rich nations' club.
The G20 also endorsed a shift in quota share, or voting power, to emerging market and developing countries of "at least five percent," 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.
The emerging and developing countries have battled for years for a greater voice at the multilateral table to better reflect their growing weight in the global economy.
Under a longheld tradition, Europe appoints the IMF head while the United States holds the World Bank chief and Japan leads the Asian Development Bank.
Last year, Justin Yifu Lin of China became the first World Bank chief economist from a developing country.
- AFP /ls
