Chinese leaders plan to appoint Pan Gongsheng, a deputy governor of the People’s Bank of China, as the central bank’s new head, according to people familiar with the situation. Pan is likely to first be appointed as the bank’s Communist Party chief before he is installed as the governor, which requires appointment by the government, they said. He joined the PBOC in 2012 as deputy governor, and in 2015 became the head of the State Administration of Foreign Exchange. Spokespeople for the People’s Bank of China didn’t immediately respond to a faxed request for comment sent on Saturday in Beijing. The creation of the Central Financial Commission has been seen as a sign that the Chinese government is becoming more concerned about the risks of financial instability.

Source: Wall Street Journal July 01, 2023 17:26 UTC