(Yicai Global) June 29 -- Li Bo, deputy governor of the People's Bank of China, will replace Zhang Tao as the International Monetary Fund's deputy managing director after Zhang ends his five-year term in August.

Li will take up the reins on Aug. 23, the multilateral financial organization said in a statement on its website yesterday. On June 7, the IMF announced that Zhang will step down on Aug. 20.

The successor has extensive experience in banking and law. Li was appointed deputy governor at the Chinese central bank last April. Between 2004 and 2018, he held senior positions to serve the PBOC's departments involving regulation and monetary policy, said the IMF's Managing Director Kristalina Georgieva.

Li was influential in advancing various policies such as state-owned banking reform, anti-money laundering legislation, and a macroprudential policy framework for China, Georgieva added.

The Stanford University Ph.D. alumni also has international experience as Li worked as a practicing attorney at Davis Polk & Wardwell in New York till 2004.

Editor: Emmi Laine, Xiao Yi