China names Zhang Qingsong as deputy central bank governor amid reshuffle

CHINA has named Zhang Qingsong as deputy governor of the People’s Bank of China (PBOC), the Cabinet said on Tuesday (Sep 6), as part of a reshuffle of the bank’s leadership ahead of an important Communist Party meeting.

Zhang, 57, has served as president of the Agricultural Bank of China, vice president of Bank of China and president of policy bank the Export-Important Bank of China.

The appointment came after Chen Yulu was removed from the post as deputy governor of the PBOC on Friday. Chen becomes the president of Nankai University in the northern port city of Tianjin.

The People’s Bank of China (PBOC) now has 4 deputy governors - Pan Gongsheng, Fan Yifei, Liu Guoqiang and Zhang Qingsong. Yi Gang has been the central bank governor since 2018.

Compared with Western central banks, the PBOC still has limited policy independence despite growing influence. The basic course of monetary and currency policy is set by the Cabinet or by the ruling Communist Party’s Politburo.

The Communist Party is due to reshuffle its leadership when it holds a 5-yearly Congress in October, clearing the way for changes in key government posts in 2023. REUTERS