1. China names ex-IMF official as new Central Bank Deputy Governor

China names ex-IMF official as new Central Bank Deputy Governor

Zhang will be the PBOC's sixth deputy governor. The State Council gave no other details in a statement on its website on Friday.

By: | Beijing | Published: May 20, 2016 1:41 PM
China, Deputy Governor, China Central bank, Zhang Tao, IMF official Zhang will be the PBOC’s sixth deputy governor. The State Council gave no other details in a statement on its website on Friday. (Reuters)

China’s cabinet appointed a former International Monetary Fund (IMF) official as a new deputy governor of the central bank, the latest appointment following recent upheavals in the country’s currency and financial markets.
Zhang Tao has served as the department head of treaty and law at the People’s Bank of China (PBOC) since the beginning of last year.

Zhang will be the PBOC’s sixth deputy governor. The State Council gave no other details in a statement on its website on Friday.

Zhang holds a Ph.D. in International Economics from the University of California, Santa Cruz, and was previously an executive director for China at the International Monetary Fund. He has also worked for the World Bank and the Asian Development Bank, according to his biography on the IMF’s website.

Zhang’s appointment follows recent personnel changes at the central bank and regulatory bodies after a turbulent period where stock market turmoil and a devaluation of the renminbi triggered global investor concerns over the government’s ability to manage the country’s financial markets and currency.

Deputy central bank head Pan Gongsheng was in January named as head of China’s State Administration of Foreign Exchange (SAFE). He retained his position at the central bank.

The government in February also appointed the new head of the securities regulator, Liu Shiyu, and new statistics bureau chief Ning Jizhe as new monetary policy members at the central bank.

Separately, the cabinet said on Friday that Zhou Mubing will be removed from the post of vice chairman of the China Banking Regulatory Commission (CBRC). It did not identify his replacement.

Zhou, born in 1957, had served in the position since December 2010, according to his biography on the CBRC website.
The cabinet did not provide a reason for his departure, however senior officials frequently stand down from their posts in adherence with age limits set by the government. Officials at vice-ministerial level or below are typically required to retire at 60 years old.

Prior to joining the CBRC, Zhou was vice mayor of the southwestern city of Chongqing. Previously he held several roles at Industrial and Commercial Bank of China Ltd, the world’s biggest lender in terms of assets.

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