China's ruling Communist Party has appointed People's Bank of China (PBOC) Deputy Governor Pan Gongsheng as the party secretary for the central bank
China’s ruling Communist Party has appointed People’s Bank of China (PBOC) Deputy Governor Pan Gongsheng as the party secretary for the central bank, the PBOC said on Saturday.
The party’s Central Organization Department announced the decision at a meeting on Saturday afternoon, the bank said in a statement on its website.
The Wall Street Journal reported hours earlier that Pan would be appointed governor of the PBOC by the State Council, after first being made party secretary. Appointment to head the central bank would be made by China’s government.
The PBOC did not immediately respond to a Reuters fax seeking comment on Saturday.
The appointment of Pan, 60, comes as expectations rise for the authorities to take steps to boost the world’s second-largest economy, where slowdown is deepening and spreading as a burst of activity after strict COVID-19 controls fades.
The central bank said on Friday it would implement prudent monetary policy in a “precise and forceful manner” to support economic growth and employment.
Pan has deep experience with Chinese banks and policy. He has been the deputy governor of the PBOC since 2012, according to SAFE’s website.
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