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, 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 central bank said on Friday it would implement prudent monetary policy in a "precise and forceful manner" to support economic growth and employment. (Reporting by Gokul Pisharody and Bharat Govind Gautam in Bengaluru; Editing by Simon Cameron-Moore and William Mallard)

Source: Wall Street Journal July 01, 2023 19:12 UTC