Wolfensohn became the ninth president of the World Bank on 1 July 1995 after he was nominated by U.S. President Bill Clinton. He was unanimously supported by the bank's board of executive directors for a second five-year term in 2000, becoming the third person to serve two terms in the position after Eugene R. Black and Robert McNamara. He visited more than 120 countries around the world during his term as president. Speaking of the People's Republic of China, he said, "China never borrowed less than $3 billion a year during my tenure. They were the most significant client". He believed that the People's Republic of China sought to obtain know-how in addition to money from the Bank, with the People's Republic going from a net borrower to holding over two and a half trillion in foreign exchange reserves.  