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China Backs Zhu for IMF Deputy Director

International Finance News, a daily newspaper under the Chinese state media’s People’s Daily, recently published a commentary on the current process of reshuffling the leadership team of the International Monetary Fund (IMF). The article focuses on the possibility of China taking a Deputy Managing Director (DMD) seat, assuming there is no chance China can actually win the Managing Director (MD) position. Zhu Min, former deputy managing director of China’s central bank, is currently the IMF’s Special Assistant to the Managing Director. The author of the commentary argued that Zhu has a good chance of becoming the First Deputy Managing Director, given the background of Chinese power and support from the emerging developing countries, such as Brazil. The author believes the leading candidate for the MD position, French Finance Minister Christine Lagarde, may support this idea in exchange for Chinese support of her MD candidacy.

Source: International Finance News, June 16, 2011