BEIJING (Reuters) – Guo Shuqing, head of China’s new regulator for the banking and insurance sectors, has been named as Communist Party chief of the People’s Bank of China (PBOC), the New York Times said on social network Twitter on Sunday.
Guo, who was appointed last week as chairman of the China Banking and Insurance Regulatory Commission, will be above governor Yi Gang at the country’s central bank, the paper said in a tweet, citing three people it said were familiar with the decision.
Yi only took over as PBOC governor earlier this month, replacing Zhou Xiaochuan, who held the post for 15 years and concurrently served as PBOC party chief.
Sources familiar with the matter say Yi, a U.S.-educated economist and previously Zhou’s right-hand man, is likely to manage the PBOC’s day-to-day operations.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.