Li Bo, deputy governor of the People's Bank of China, has assumed the role of deputy managing director at the International Monetary Fund effective Aug 23, according to the fund's official website.

Li, who worked for many years at the People's Bank of China, most recently as deputy governor, is responsible for the IMF's work on about 90 countries as well as a wide range of policy issues.

Li succeeded Zhang Tao, former deputy governor of the central bank, who stepped down on Aug 22.

Kristalina Georgieva, managing director of the International Monetary Fund, spoke highly of Li's extensive experience in central banking and law in her proposal to appoint Li deputy managing director on June 28.

Li played an important role in the reform of State-owned banks, the drafting of China's anti-money-laundering law, the internationalization of the renminbi and the establishment of China's macroprudential policy framework.

Serving as vice-mayor of Chongqing, Li obtained experience overseeing the city's financial sector development, international trade and foreign direct investment.

Li holds a PhD from Stanford University and an MA from Boston University, both in economics. He also holds a JD, magna cum laude, from Harvard Law School. Li studied at Renmin University of China for his undergraduate degree in Beijing.