The International Monetary Fund (IMF) officially launched operations of its regional center in Shanghai on Monday, with IMF economist Johannes Wiegand appointed as director.

As one of the regional centers set up by the IMF worldwide, the IMF Shanghai Center is expected to enhance the organization's engagement with the Asia-Pacific region, according to an IMF statement.

The center will serve as a hub to promote research and knowledge sharing that can inform policies in areas of relevance for emerging market and middle-income countries. "It also aims at deepening dialogue and outreach with member countries, regional institutions, and other stakeholders in the region," the statement said.