[SaintessHeart]

China gets first IMF top executive post

WASHINGTON (MarketWatch) — China is going to receive its first deputy managing director role on the International Monetary Fund in a move that’s a recognition of the fast-growing and increasingly influential nation on the world stage.

International Monetary Fund Managing Director Christine Lagarde has proposed making Min Zhu, a special adviser to the managing director, as a deputy managing director. The move helps fulfill Lagarde’s campaign pledge to give emerging markets more power at the Washington-based institution.

Zhu was previously deputy governor of the People’s Bank of China.

“Min Zhu 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

Critics say China and other emerging nations should have greater voting power at the IMF, particularly at the expense of Europe.

Lagarde also proposed naming David Lipton as first deputy managing director, replacing John Lipsky who retires on Aug. 31.

Lipton, like Lipsky, is an American and serves as senior director for international economic affairs at the U.S. National Economic Council and U.S. National Security Council at the White House. He’s also formerly head of global country risk management at Citi.

“David will bring deep experience, personal integrity and a longstanding commitment to public service to the position, and is held in high regard by the international economic policy community,” said U.S. Treasury Secretary Timothy Geithner in a statement.

Lovely. If the world economy isn't in the hands of the capitalist blue, it would be in the hands of the "collectivist" red. And both of them are as equally corrupt.

Genius move bitch - what a nice patronage.