IMF Names Chinese Managing Director

Posted July 12th, 2011 at 7:05 pm (UTC-5)
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The International Monetary Fund has named a Chinese economist to a high-ranking position, a move seen as recognizing China’s growing power in the global economy.

Zhu Min was named to the post of deputy managing director of the IMF on Tuesday.

Also Tuesday, the IMF named a senior White House official, David Lipton, to the fund’s No. 2 position, first deputy managing director.

The appointments were the first made by new IMF chief Christine Lagarde. Lagarde, a former French finance minister, arrived at the IMF last week, promising to give emerging economies more influence at the lending organization.

She replaced fellow French national Dominique Strauss-Kahn, who resigned the IMF post in May after being arrested in New York on charges that he sexually assaulted a hotel maid, an allegation he denies.

Zhu Min previously was a special advisor to Strauss-Kahn. He also has worked for China’s central bank as well as at the World Bank.

Lipton is a former IMF staffer and has worked both in the U.S. government and on Wall Street. His appointment continues the practice of having an American in the No. 2 position at the fund, while the head of the global lender has always been a European.