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Tao Zhang becomes a central bank deputy governor

China’s cabinet has recently named Zhang Tao as the country’s new deputy central bank governor.

Tao Zhang, who had earlier held a position of an executive director for China at the IMF, is going to be the sixth deputy governor of the PBOC.

Zhang, speaking fluent English, will most likely replace Zhu Min as the IMF's deputy managing director, as the central bank’s sources state.

According to some media reports, a former president of Renmin University, Chen Yulu who was a vice central bank head in 2015, would probably replace Zhu as this year he’s due to end his five-year term at the IMF.

Zhang, has already headed the PBOC's department of treaty as well as law since the beginning of 2015.

By the way, last year the IMF officially admitted China's Yuan into its benchmark currency basket in last year’s November. Undoubtedly, it’s a great victory for Beijing's campaign for worldwide recognition as a global economic power.

The State Council didn’t provide any further details in its statement on its official website on Friday.

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