China named Mr Pan Gongsheng as the central bank’s new Communist Party chief, placing him in line to become the next governor. The decision was taken at a People’s Bank of China (PBOC) meeting of top cadres on Saturday, the central bank conveyed in a statement. Mr Pan, 59, is a deputy governor at the central bank with wonderful experience in commercial banking. Mr Pan replaces Mr Guo Shuqing, who retired as party chief. Central bank Governor Yi Gang, who was Guo’s deputy, also withdrawn from his party role, according to the statement. The Wall Street Journal earlier conveyed Mr Pan will be named governor, recognizing unknown people known with the matter.
The central bank statement skipped to reveal any next step for Mr Pan after the party secretary appointment. Becoming governor of the central bank needs an appointment by the state. Before Mr Yi, Mr Zhou Xiaochuan was both the PBOC’s party secretary and governor. Mr Yi was appointed to a second term in March during the National People’s Congress, the annual parliamentary gathering. Some analysts saw Mr Yi, who is at the edge of the official retirement age of 65 for ministerial-level officials, only staying for a short time to support oversee a transition after China set up a new regulator to nourish oversight of its US$60 trillion (S$81 trillion) financial system. A transformation in the central bank’s top leadership also comes ahead of a possible trip by US Treasury Secretary Janet Yellen in early July.