IMF’s Zhu Min to leave in late July

China Daily (Canada) - - ACROSS AMERICAS - By CHEN WEIHUA in Washington chen­wei­hua@ chi­nadai­

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 fiveyear 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,” she added.

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 the 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.

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.

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.”


Zhu Min, In­ter­na­tional Mon­e­tary Fund deputy man­ag­ing di­rec­tor.

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