Pan is a long-time central banker. He joined the PBOC in 2012 after stints in senior positions at state banks including Industrial and Commercial Bank of China Ltd. and Agricultural Bank of China Ltd. His appointment signals that Beijing is prioritising policy continuity at a time when the economic recovery is losing momentum and officials are grappling with various ways to boost confidence.
China named Pan Gongsheng as governor of the central bank, strengthening his position as head of the institution tasked with boosting the world’s second-largest economy.
Pan, 60, was appointed by the National People’s Congress Standing Committee on Tuesday, replacing Yi Gang, who reached the official retirement age of 65, according to state media. A former deputy at the People’s Bank of China, Pan had already been named the Communist Party’s secretary at the PBOC this month, putting him in one of the bank’s two top slots.
