China's cabinet appointed a former International Monetary Fund (IMF) official as a new deputy governor of the central bank, the latest appointment following recent upheavals in the country's currency and financial markets. Zhang Tao has served as the department head of treaty and law at the People's Bank of China (PBOC) since the beginning of last year. Zhang will be the PBOC's sixth deputy governor. The State Council gave no other details in a statement on its website on Friday.
Zhang holds a Ph.D. in International Economics from the University of California, Santa Cruz, and was previously an executive director for China at the International Monetary Fund. He has also worked for the World Bank and the Asian Development Bank, according to his biography on the IMF's website.