IMF names first Chinese MD

Washington - The International Monetary Fund on Tuesday named Chinese economist Zhu Min to a new deputy managing director's position, in a recognition of China's huge power in the global economy.

The IMF also named White House aide David Lipton to the fund's number-two position, replacing outgoing first deputy managing director John Lipsky.

They were the first appointments made by new IMF managing director Christine Lagarde, who arrived last week promising a greater role for the world's large emerging economies, currently under-represented on the IMF board and management.

Zhu, 58, has been a special adviser to the IMF managing director since 2010. While a fourth deputy managing director position was created generally for an emerging economy representative, it was widely expected that someone from China, the world's second-largest economy, would fill it.

The former central banker "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 in a statement.

The economist also worked six years at the World Bank.

Lipton, 57, President Barack Obama's adviser on international economic affairs and a former IMF staffer, was named as first deputy managing director, a position always held by an American since 1946. A gentleman's agreement has allowed Europeans to keep the top position in the Fund since then.

Lagarde praised Lipton for his "international expertise, public sector policy making and private sector experience, and a proven track record in economic crisis management".