China named Pan Gongsheng as governor of the central bank, strengthening his position as head of the institution tasked with boosting the world's second-largest economy.
Pan, 60, was appointed by the Standing Committee of the National People's Congress yesterday, replacing Yi Gang, who has reached the official retirement age of 65 for minister-level officials, according to state media.
A former deputy at the People's Bank of China, Pan had already been named the Communist Party secretary at the PBOC earlier in July, putting him in one of the two top slots at the bank.
Pan is a long-time central banker. He joined the PBOC in 2012 after previous stints in senior positions at state banks including Industrial and Commercial Bank of China (1398) and Agricultural Bank of China (1288). His move to the top of the PBOC signals that Beijing is prioritizing policy continuity at a time when the country's economic recovery is losing momentum and officials are grappling with various ways to boost confidence.
Pan's appointment marks the first time since 2018 that the top two positions at the PBOC - governor and Communist Party secretary - will be held by one person, potentially streamlining decision-making at the very top. Former governor Zhou Xiaochuan held both posts until his departure in 2018, when Yi Gang was named governor and Guo Shuqing held the position of party chief.
This appointment came four months after China's parliamentary meetings in March, which reappointed Yi Gang as the PBOC leader for stability after China's removal of the zero-Covid policy.
