The International Monetary Fund has a new deputy managing director today. Zhang Tao, a deputy governor of China's central bank succeeds Zhu Min who was the first Chinese person to hold such a senior position at the IMF.

Managing Director Christine Lagarde announced her proposal to appoint Zhang to the position in July, saying he is highly experienced and qualified. As a senior official at the People's Bank of China, Zhang has worked at the World Bank and the Asian Development Bank.