Global Courant
Pan Gongsheng was appointed party secretary of the People’s Bank of China on July 1, 2023.
Vcg | Visual China Group | Getty Images
BEIJING — The People’s Bank of China announced on Saturday that Pan Gongsheng, head of the country’s currency regulator, will become the central bank’s party secretary.
In a country ruled by the Communist Party of China, the party secretary of an institution usually has the most influence.
Pan’s appointment to the role comes as Beijing continues to unfold leadership changes. The party’s biennial congress in October and an annual parliamentary meeting in March gave President Xi Jinping an unprecedented third term in office.
The previous party secretary of the PBOC, Guo Shuqing, headed the China Banking and Insurance Regulatory Commission.
That institution was incorporated into the National Financial Regulatory Administration in a financial regulatory review announced in March and will take effect this year. The party secretary and director of the government is Li Yunze, a rare minister-level appointee of the younger generation from the 1970s.
According to Saturday’s announcement, PBOC governor Yi Gang has been relieved of the post of deputy party secretary. The central bank did not say whether Yi would also leave his governor position.
Pan’s appointment comes as China’s economic growth has slowed and the yuan has weakened against the US dollar. The central bank cut interest rates sharply for the first time in months in June.
Meanwhile, Beijing has increased its focus on tackling financial risks. The Chinese government devoted an entire portion of its annual work report this year to preventing and defusing major risks, particularly in real estate and local government debt.
Learn more about China from CNBC Pro
The Chinese central bank PBOC gets a new party secretary
World News,Next Big Thing in Public Knowledg
#Chinese #central #bank #PBOC #party #secretary
