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Bloomberg
The People’s Bank of China (PBOC) appointed a new deputy governor, ahead of a possible reshuffle of economic leadership during the Communist Party’s twice-a-decade congress.
Xuan Changneng, 55, whose most recent role was deputy head of the State Administration of Foreign Exchange, was appointed as the PBOC’s sixth deputy governor, according to a statement on the central bank’s website.
A PhD graduate from the University of Texas at Austin, Xuan has had a career spanning from financial regulation to private practice. Between 1997 and 2008, he worked
at institutions including JPMorgan Chase & Co., China’s
securities watchdog, China Construction Bank and US private equity company JC
Flowers & Co.
He previously held various positions at the PBOC between 2008 and 2016, including the head of its research bureau and director of the financial stability bureau.
Several top economic officials could step down from their positions early next year, with this week’s party congress likely to provide possible hints on that.
PBOC Governor Yi Gang and banking regulator Guo Shuqing, who is also a deputy governor at the central bank, will hit retirement age limits for senior officials.