China welcomes Christine Lagarde as IMF chief

China on Wednesday welcomed the appointment of French Finance Minister Christine Lagarde as the new chief of the International Monetary Fund (IMF).

The country hopes Lagarde to continue the reform of IMF and lead the organisation to play an active role in stabilising the global economy and financial sector, a spokesman of the People's Bank of China said.

55-year-old Lagarde on Tuesday became the first woman to head IMF after its executive board chose her over Mexican central bank governor Agustin Carstens.

Lagarde, who succeeds Dominique Strauss-Kahn, is the first woman IMF chief since the institution's inception in 1944.

Having been appointed at the top with backing from US, Russia, China and Europe, Lagarde faces immediate crisis hovering over Europe.