The Bundesbank President Jens Weidmann has been elected on Sunday as board chairman of the Bank for International Settlements (BIS).

The BIS is based in Basel, Switzerland. The BIS Board is responsible for determining the strategic and policy direction of the BIS. The board includes the Bank of England Governor Mark Carney, the European Central Bank President Mario Draghi, the People's Bank of China (PBoC) Governor Zhou Xiaochuan and the Federal Reserve Chairwoman Janet Yellen

Weidmann will replace the Bank of France Governor Christian Noyer, who will retire as the Bank of France Governor on October 31.

Weidmann's term will be for three years and begins on November 1.