Finance

China’s central bank gets a new party secretary

Products You May Like

Pan Gongsheng was named party secretary of the People’s Bank of China on July 1, 2023.
Vcg | Visual China Group | Getty Images

BEIJING — The People’s Bank of China announced Saturday that Pan Gongsheng, head of the country’s foreign exchange regulator, would become the central bank’s party secretary.

In a country ruled by the Communist Party of China, the party secretary of an institution typically holds the most sway.

Pan’s appointment to the role comes as Beijing continues to unfurl leadership changes. The Party’s twice-a-decade congress in October and an annual parliamentary meeting in March gave President Xi Jinping an unprecedented third term.

The PBOC’s previous party secretary, Guo Shuqing, headed the China Banking and Insurance Regulatory Commission.

That institution was absorbed into the National Financial Regulatory Administration in a financial regulatory overhaul announced in March and is set to take effect this year. The administration’s party secretary and director is Li Yunze, a rare minister-level appointee of the younger 1970s generation.

PBOC Governor Yi Gang was removed from the role of deputy party secretary, according to Saturday’s announcement. The central bank did not say whether Yi would also leave his governor position.

Pan’s appointment comes as China’s economic growth has slowed and the yuan has weakened against the U.S. dollar. The central bank in June cut major interest rates for the first time in months.

Meanwhile, Beijing has increased its focus on addressing financial risks. The Chinese government this year dedicated an entire section of its annual work report to preventing and defusing major risks — especially in real estate and local government debt.

Read more about China from CNBC Pro

Bernstein says buy this China-based personal finance stock that can rally nearly 60%

Morgan Stanley names 2 chip stocks with ‘significant upside’ as China bans Micron

This fund puts a spin on emerging markets investing with bets from Nvidia to Chinese spirits

Products You May Like

Articles You May Like

Hindenburg Research founder says he’s closing short-seller research shop
The Unsustainable US Debt Course and Impacts of Potential Tax Changes
Top Wall Street analysts like the growth opportunities for these three stocks
Trading platform Dub will pay some retail investors to share portfolios through TikTok-like ‘creator program’
Fed Governor Waller sees potential for multiple interest rate cuts in 2025