China names forex regulator Pan Gongsheng as central bank party boss

China names forex regulator Pan Gongsheng as central bank party boss

China’s ruling Communist Party has appointed Pan Gongsheng, the deputy governor of the central bank, as the bank’s party secretary. This move is seen as a precursor to him becoming the governor, according to the Wall Street Journal. The decision was announced by the party’s Central Organization Department at a meeting on Saturday afternoon, as stated by the People’s Bank of China (PBOC) on its website. The PBOC did not provide any response to a request for comment from RushHourDaily.

Pan’s appointment comes at a time when there are increasing expectations for the authorities to take measures to stimulate the country’s second-largest economy. The economy is experiencing a deepening slowdown, with the initial burst of activity following the easing of strict COVID-19 controls fading away. In response, the central bank announced on Friday that it would implement a prudent monetary policy to support economic growth and employment.

Pan has extensive experience in Chinese banks and policy. He has conducted post-doctoral research at Cambridge University and served as a senior research fellow at Harvard University. Since 2012, he has been the deputy governor of the PBOC, according to the websites of the State Administration of Foreign Exchange (SAFE) and the PBOC.

The current governor, Yi Gang, has been widely expected to retire since he was not included in the ruling Communist Party’s Central Committee during the party’s congress in October. Under President Xi Jinping, the Communist Party has strengthened its control over the financial system, leading to the erosion of the central bank’s regulatory power in recent reshuffles and institutional restructuring.

In conclusion, Pan Gongsheng’s appointment as the party secretary of the central bank is seen as a stepping stone towards him becoming the governor. This decision comes at a crucial time as China faces economic challenges and seeks to support growth and employment.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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