China has secured its first top-level post at the International Monetary Fund (IMF) in recognition of its growing power in the global economy. New IMF Managing Director Christine Lagarde appointed Zhu Min to a newly created deputy managing director post.
Last week, Ms Lagarde said she would go ahead with reforms to give emerging markets greater sway at the lender. She also said White House aide David Lipton would succeed John Lipsky as her top deputy at the end of August.
Mr Zhu is a former deputy governor of the People's Bank of China and has been a special adviser to the IMF for the past year.
Min Zhu brings a wealth of experience in government, international policy making and financial markets, strong managerial and communication skills as well as an institutional understanding of the Fund, and I look forward to his counsel, Ms Lagarde said.
As deputy managing director, he will play an important role in working with me and the rest of 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.
Ms Lagarde was widely expected to appoint Mr Zhu to a high-ranking post after China supported her candidacy for the IMF top job.
According to the IMF release Mr. Lipton will serve as a Special Advisor to the Managing Director, starting on July 26, 2011, before assuming his duties as First Deputy Managing Director on September 1, 2011. Mr. Lipsky will stay on as a Special Advisor to the Managing Director from September 1 through November 2011.
Mr. Lipton, a national of the US, is currently serving as Special Assistant to the President and Senior Director for International Economic Affairs at the US National Economic Council and US National Security Council at the White House.
Before taking his current job, he was Managing Director and Head of Global Country Risk Management at Citi. Prior to that, he was Managing Director of Moore Capital Strategy Group at Moore Capital Management. From 1993 through 1998, he held senior positions at the US Treasury Department, including as Under Secretary for International Affairs. Prior to that time, he served as an economic advisor to the governments of Poland, Russia, and Slovenia during their transitions.
After graduating from Harvard University in 1982, where he had earned a Ph.D. and a Master’s degree in economics, Mr. Lipton served on the staff of the IMF for eight years, working on economic stabilization issues in emerging market and poor countries.
Mr. Zhu joined the IMF as a Special Advisor to the Managing Director from the People’s Bank of China in 2010.
As Deputy Governor of the People’s Bank of China, Mr. Zhu was responsible for international affairs, policy research, and credit information. Prior to his service at China’s central bank, he held various positions at the Bank of China where he served as Group Executive Vice president, responsible for finance and treasury, risk management, internal control, legal and compliance, and strategy and research. Mr. Zhu also worked at the World Bank for six years, and taught economics at both Johns Hopkins University and Fudan University.
With the latest appointments the IMF Managing Director now has four Deputy Managing Directors: First MD, Lipton (US); Naoyuki Shinuhara (Japan); Nemat Shafik (Egypt, UK. US national) and Zhu (China).-