By David Lawder

WASHINGTON (Reuters) – International Monetary Fund Managing Director Christine Lagarde said on Friday she has nominated Tao Zhang, deputy governor of China’s central bank, to serve as an IMF deputy managing director effective Aug. 22.

International Monetary Fund (IMF) Managing Director Christine Lagarde attends the 60th anniversary of the Paris Club at the French Ministry of Finance in Paris, France, July 1, 2016. REUTERS/Jacky Naegelen
International Monetary Fund (IMF) Managing Director Christine Lagarde. REUTERS/Jacky Naegelen

Assuming no objections from the IMF’s executive board, Zhang will succeed Min Zhu, who will step down from the position on July 25. Zhu also is a Chinese national who previously had served as deputy governor of the People’s Bank of China.

Zhang returned to the PBOC as deputy governor in 2015 after serving as the IMF’s executive director representing China for four years.

He previously served in several positions at the PBOC, including as head of the bank’s legal affairs department and as head of its financial survey and statistics department. He also has worked at the World Bank and the Asian Development Bank in the 1990s and early 2000s and has degrees from the University of California, Santa Cruz, and Tsinghua University in Beijing.

China holds 6.11 percent of the IMF’s voting power, the third largest share after the United States and Japan.

“Mr. Zhang brings a strong combination of international economic expertise, public sector policymaking, and diplomatic skills,” Lagarde said in a statement. “He also has extensive experience with international financial institutions, excellent communication and negotiating skills, and a superb knowledge of IMF policies and procedures.”

Zhang will serve alongside three other IMF deputy managing directors: first deputy David Lipton, an American; Mitsuhiro Furusawa, a Japanese national; and Carla Grasso, who holds dual citizenship of Brazil and Italy and serves as the fund’s chief administrative officer.

(Reporting By David Lawder; Editing by Chizu Nomiyama and Phil Berlowitz)

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