Christine Lagarde, Managing Director of the International Monetary Fund (IMF), proposed the appointment of Zhu Min, currently Special Advisor to the Managing Director, to the position of?the IMF's Deputy Managing Director,?an IMF?press release said Tuesday. ?

Zhu Min

Lagarde also proposed the appointment of David Lipton, a White House aide, to the position of IMF's First Deputy Managing Director?to succeed John Lipsky, whose term ends on August 31, 2011.

Mr. Zhu joined the IMF as a Special Advisor to the Managing Director from the People's Bank of China in 2010.

Lagard?has proposed that Mr. Zhu assume his duties in the newly created Deputy Managing Director position on July 26, 2011, working with the other three Deputy Managing Directors in support of the Managing Director.

"Min Zhu brings a wealth of experience in government, international policy making and financial markets, strong managerial and communication skills as well as an institutional understanding of the Fund, and I look forward to his counsel,"?Lagarde said.

"As Deputy Managing Director, he will play an important role in working with me and the rest of my management team in meeting the challenges facing our global membership in the period ahead, and in strengthening the Fund's understanding of Asia and emerging markets more generally."

"I am looking forward to working closely with Min, David and my other team members."

As Deputy Governor of the People's Bank of China, Zhu was responsible for international affairs, policy research, and credit information. Prior to his service at China's central bank, he held various positions at the Bank of China where he served as Group Executive Vice president, responsible for finance and treasury, risk management, internal control, legal and compliance, and strategy and research.?

Zhu also worked at the World Bank for six years, and taught economics at both Johns Hopkins University and Fudan University.

The Managing Director selects and appoints the First Deputy Managing Director, and Deputy Managing Directors of the Fund. These appointments require approval by the Executive Board and, as is the practice for such appointments, the Board is consulted regarding the type of qualifications that, in the view of the Executive Board, the First Deputy Managing Director and a Deputy Managing Director should possess.