Newly-appointed chairman of the banking and insurance regulatory commission Guo Shuqing has also been promoted to party secretary of China’s central bank, sources told the New York Times on Sunday.
Guo’s new appointment will place him ahead of the bank’s governor Yi Gang, although the two will be working closely alongside one another. It is expected that Guo’s presence will increase the Communist Party’s control in the PBOC, which unlike Western central banks is not independent and is answerable to the party chief.
Guo is widely considered a safe pair of hands with a history of pushing for reforms. In previous regulatory roles, Guo has enacted new policies fighting insider trading, reforming the Chinese IPO system, and encouraged the participation of foreign investors.