IMF's Zhu Min to leave in July

IMF Deputy Managing Director Zhu Min

International Monetary Fund Deputy Managing Director Zhu Min intends to leave the IMF when his term expires in late July, IMF Managing Director Christine Lagarde announced on Tuesday.

Zhu was the first Chinese national serving in the deputy managing director post. He was appointed to a five-year term in July 2011. Before that, he served as special adviser to the IMF managing director from 2010 to 2011.

"Min has performed a key role in the fund's management team, providing immense support to me and our management colleagues," Lagarde said in an IMF press release.

"His down-to-Earth style, wonderful sense of humor, and warm personality served to reinforce his formidable intellect and passion for economics, and enabled him to provide strong leadership across a large range of issues,"

While the IMF said the process is underway to identify a candidate to succeed Zhu, Caixin magazine reported in late May that China plans to nominate 52-year-old Zhang Tao, a central bank veteran with deep experience at multilateral development banks, to succeed Zhu at IMF. The Caixin story came just days after Zhang was appointed deputy governor of China's central bank.

Zhang is no stranger to IMF. He served as executive director for China at the IMF from 2011 to 2014. He received his MA and PhD in international economics from the University of California, Santa Cruz.

Traditionally, Europeans serve as IMF managing director while Americans serve as first deputy managing director.

Last December China succeeded in having its currency, RMB, included in the IMF Special Drawing Rights (SDR) basket which also includes US dollar, euro, Japanese yen and British pound.

In the same month, the US Congress finally approved the 2010 IMF voting share and governance reform. It means that China, now the world's second largest economy, jumped from sixth place to third place in voting share trailing only the US and Japan.

In the IMF press release, Zhu, a Chinese national, was also credited for spearheading the IMF work on jobs and growth in the wake of the global financial crisis, when employment issues moved into focus due to the lackluster recovery.

He oversaw the IMF's activities concerning fragile states, small states and low-income countries, and supported the expansion of its outreach and publications in this area.

Zhu has provided leadership in the IMF's work on statistics, standards and codes, as well as strengthening its Financial Sector Assessment Program (FSAP) and efforts to combat money laundering and the financing of terrorism. He made important contributions to the IMF's risk management framework and helped reshape the IMF's Annual Meetings, held jointly with the World Bank, according to the IMF release.

It also praised Zhu for bringing his excellent relations with other institutions to the table, from the World Bank to the UN family, the World Economic Forum, and other international and regional organizations.

Before joining the IMF in 2010, Zhu served as deputy governor of the People's Bank of China, the central bank. He also had worked at the World Bank and taught economics at both Johns Hopkins University and Fudan University.

"I will miss Min dearly, both as a friend and a loyal and trusted advisor," said Lagarde. "I thank him for his tireless dedication and immense contribution to the Fund, and wish him the very best in the next exciting chapter of his life."

chenweihua@chinadailyusa.com