China to name forex regulator Pan Gongsheng central bank head

CHINA plans to appoint Pan Gongsheng, a deputy governor of the People’s Bank of China (PBOC), to head the central bank, the Wall Street Journal reported on Friday (Jun 30), citing people unnamed familiar with the matter.

Pan Gongsheng, picked because of his international background, is likely to first be appointed as the bank’s Communist Party chief before he is installed as governor, which requires appointment by the government, the report said.

Pan is the country’s chief foreign exchange regulator as head of the State Administration of Foreign Exchange (SAFE).

The PBOC did not immediately respond to a Reuters fax seeking comment on Saturday.

The potential appointment of Pan, 60, comes as expectations rise for the authorities to take steps to boost the world’s second-largest economy, where slowdown is deepening and spreading as a burst of activity after strict Covid-19 controls fades.

The central bank said on Friday it would implement prudent monetary policy in a “precise and forceful manner” to support economic growth and employment.

SEE ALSO

China’s PBOC sticks with yuan support as currency losses deepen

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Pan has deep experience with Chinese banks and policy. He has been the deputy president of the PBOC since 2012, according to SAFE’s website. REUTERS