Lagarde Will Give China a Senior Position in IMF

China is about to get a senior position at International Monetary Fund, it was learned Wednesday from sources close to the matter, while Christine Lagarde, the new boss of the IMF, has pledged to give more power to emerging countries.

According to sources at the IMF, China’s Zhu Min (朱民), who was deputy governor of the People’s Bank of China and special adviser to Dominique Strauss-Kahn’s predecessor Christine Lagarde, would be appointed to a new position of Deputy Director General, to be created by Christine Lagarde.

“Min Zhu should be appointed to a position of Deputy Director General,” a member of the Board of the IMF told Reuters. Wednesday at her first press conference as director general of the IMF, Christine Lagarde promised to give developing countries a greater role within the institution. She said she envisaged the establishment of a high-level position that would be given to a candidate of an emerging country.

Emerging countries want their voices better heard in the international institutions to reflect their growing economic weight.

China had said it wanted a high-level position but was blocked by the fact that Japan holds a long position of Director General.

The appointment of Min Zhu, , Asia would give two senior management positions in the IMF over the chairmanship of the Monetary and Financial Committee (IMFC), which was recently named the Singapore Finance Minister, Tharman Shanmugaratnam.

The position of number two in the IMF will also have to be provided with the departure of the American John Lipsky at the end of August. The name of the White House adviser David Lipton circulated for this position, which would thus remain in American hands.

During his campaign, Christine Lagarde had gone to Beijing. She was chosen with the support of China and other emerging countries.

“The world will continue to change,” she told reporters Wednesday. “We have the tectonic plates that move right now and this must be reflected in the composition of the Governance and Employment Fund.”