BOC vice president Zhu Min resigns

Bank of China (BOC) announced Monday that Zhu Min, vice president of BOC has resigned because of a post transfer.

The bank said that it received the resignation letter from Zhu on October 16.
Previous media reports citing insiders said Zhu would be appointed vice president of the People's Bank of China, the central bank, before being assigned as the vice president of the International Monetary Fund (IMF) in the future.

The central bank confimed Monday that Zhu has been appointed vice president of the central bank, according to the Xinhua News Agency. Analysts believe this job change is for Zhu to prepare for a future appointment at the IMF.

If this information is confirmed, Zhu will become the second Chinese to take on a senior management position in a top international financial organization after Justin Yifu Lin, who was appointed vice president and chief economist of the World Bank in 2008.

Zhu got his Master's degree in public administration in Princeton University and earned a doctorate degree in economics at Johns Hopkins University. He was especially accomplished in the studies of macro-economy and international financial situation.

He also worked for the World Bank as an economist for six years from 1991 to 1997.

Zhu joined BOC in 1996 and was appointed vice president in August 2006, and was mainly in charge of the bank's financial affairs, treasurer, internal control, authenticity and accuracy, and studies of the operation strategy before he resigned. He contributed to many key issues of the bank, like the restructuring and the public listing of BOC (Hong Kong) in 2002.

After the financial crisis, China is expected to play more important role in the international community and the IMF also stated that the organization called on giving more votes to China. As a result, analysts believe that Zhu's experience is a good fit for the post in the IMF.

Analysts also pointed out that if this information is true, it means that China takes a significant step in pursuing higher international financial positions.
 

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