China Forex Chief Pan Gongsheng 'to be New Central Bank Boss'

Beijing has appointed Pan Gongsheng, a deputy governor at the People’s Bank of China, as the bank’s party secretary.

The move on Saturday will see Pan become the next central bank governor, according to the Wall Street Journal.

The Chinese Communist Party’s Central Organization Department announced the decision at a meeting on Saturday afternoon, the People’s Bank of China (PBOC) said in a statement on its website.

The Journal reported hours earlier that Pan, chosen for his international background, would be named to the party post before being appointed by the government to head the PBOC.

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The PBOC did not immediately respond to a fax seeking comment on Saturday.

The appointment of Pan, who turns 60 this month, comes as expectations rise for the authorities to take steps to boost the world’s second-largest economy, where a slowdown is deepening and spreading as a burst of activity after strict Covid 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 the State Administration of Foreign Exchange (SAFE) website.

It said Pan received a PhD in economics from the Renmin University of China, before doing post-doctoral research at Cambridge University in England and was then a senior research fellow at Harvard University.

The current governor, Yi Gang, has been widely expected to retire since being left off the ruling Communist Party’s Central Committee during the party’s once-in-five-years congress in October.