People's Bank of China Deputy Governor Zhang Tao has been appointed as the IMF's next deputy managing director, effective August 22. IMF Managing Director Christine Lagarde announced the appointment on Friday. Zhang will replace Zhu Min, who is due to step down later this month after finishing his five-year term.

Lagarde has praised Zhang for his strong combination of international economic expertise, public sector policy making, and diplomatic skills. She also spoke highly of Zhang's experience with international financial institutions, excellent communication and negotiating skills, and a superb knowledge of IMF policies and procedures. Zhang has worked for the World Bank and the Asian Development Bank from 1995 to 2004. He also served as an executive director for China in the IMF from 2011 to 2015.