BEIJING, July 14 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday nominated Zhu Min, former deputy governor of the People's Bank of China and special adviser to the managing director, as deputy managing director of the IMF.
If approved by the board, Zhu will take his new office on July 26, marking the first time for a Chinese national to hold such a senior position at the fund.
The nomination is widely regarded as a major step in the IMF's institutional transformation, which will affect the reforms of international financial system.
Founded in December 1945, the Washington-headquartered IMF and the World Bank are the world's two biggest intergovernmental organizations that oversee the global financial system by monitoring the macroeconomic policies of its member countries, stabilizing international exchange rates and providing loans and aid.
"Zhu brings a wealth of experience in government, international policy making and in the financial markets, strong managerial and communication skills, as well as an institutional understanding of the fund, and I look forward to his counsel," said the IMF's Managing Director Christine Lagarde in a statement.
She said that as deputy managing director, Zhu will play a key role in working with her and the rest of her management team in meeting the challenges facing the IMF's global membership in the period ahead, and in strengthening the fund's understanding of Asia and emerging markets more generally.