China Shows IMF Candidate Lagarde The Cold Shoulder

After French Finance Minister Christine Lagarde’s application tour for the top job at the International Monetary Fund (IMF), China didn’t show much support to her campaign. “We had a good discussion, ” said the Chinese Foreign Minister Yang Jiechi after a meeting in Beijing. “They explained to me the purpose of candidacy and I have listened very carefully.” In his view, the race for the IMF’s top job had “an open field”, said Yang.

“There are a number of people who apply.” China would “seriously reconsider of course” the Personnel prior to a decision. The 53-year-old Lagarde had applied to the IMF’s top job after the current incumbent of France, Dominique Strauss-Kahn had resigned because of rape allegations.

Traditionally, the IMF’s top is occupied by a European. Given the growing weight of emerging markets in the world economy, however, calls for an amendment to this rule have been expressed. End of May, China protested together with Brazil, India, Russia and South Africa against the tradition. The so-called BRICS countries could not agree on a common opposition candidate.

The application deadline for the IMF’s top job will end on Friday. The official list of candidates will be published on 17 June. A final decision is expected on 30 June.

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