China appoints Li Yunze as director of new financial regulatory body

CHINA’S state council has appointed Li Yunze as the director of its National Financial Regulatory Administration (NFRA), the human resources ministry said on Friday (May 19).

The NFRA is a new government body under the State Council tasked with consolidating supervision over the multi-trillion US dollar financial industry.

Separately, Cao Yu, Zhou Liang, Xiao Yuanqi and Cong Lin were named as the deputy directors of the new body, the ministry said in a statement.

Last week, Li, who previously served as deputy governor of Sichuan province, was named as party secretary of the NFRA.

The four officials named as deputy directors previously served as vice chairmen of the the China Banking and Insurance Regulatory Commission (CBIRC).

The NFRA replaces the CBIRC and absorbs some supervisory functions from the central bank and the securities regulator. Li said the regulator will strive to eliminate regulatory gaps at the body’s inauguration ceremony on Thursday.