China gains role in top ranks of the IMF

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The Independent Online

China has secured its first top-level management post in the International Monetary Fund, in a move that recognizes Beijing's growing clout in the global economy.

The new IMF managing director Christine Lagarde named the Chinese economist Min Zhu, a former deputy governor of the People's Bank of China and a special adviser to the fund, to a newly created deputy managing director post.

She also said that the White House adviser David Lipton will succeed John Lipsky as her deputy when he steps down as the fund's number two official at the end of August.

The moves were widely expected after China endorsed Ms Lagarde, the former French finance minister, to head the fund. They also continue the tradition of appointing an American in the IMF's number two position.

A number of emerging countries had called for the 65-year old tradition of splitting the key roles between the US and Europe to end when Dominique Strauss-Kahn resigned in May. Ms Lagarde beat Mexico's chief bank chief Agustin Carsten to the post last month.