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China welcomes new IMF chief

(Xinhua)
Updated: 2011-06-30 14:57

BEIJING -- A spokesman of the People's Bank of China (PBOC), or the central bank, said Wednesday that China welcomes the endorsement of French Finance Minister Christine Lagarde as the new chief of the International Monetary Fund (IMF).

China hopes that under Lagarde's leadership, the IMF will continue its reform and play an active role in stabilizing the global economy, while increasing the representativeness of emerging markets and developing countries in the governance of the IMF, the spokesman said in a statement on the PBOC website.

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The PBOC spokesman said the election of the IMF leadership was open, transparent and competitive.

Mexican central bank governor Agustin Carstens also showed impressive leadership and professional competence during the campaign, said the spokesman.

China's remarks of endorsement for French Finance Minister Christine Lagarde came shortly after she was appointed managing director of the IMF Tuesday

Lagarde is the first woman to hold the top IMF post since its inception in 1944.

Lagarde replaced fellow countryman Dominique Strauss-Kahn, IMF chief since 2007, who resigned on May 18 after being arrested in New York charged with sexually assaulting a Manhattan hotel maid. He has denied the charges.

The IMF executive board selected Lagarde to serve as managing director and madame chairman of the executive board of the IMF for a five-year term starting on July 5, the Washington-based fund said in a statement.

The 24-member board said Lagarde and Mexican central bank governor Agustin Carstens were both "well qualified" candidates and it decided on Lagarde by consensus.