Mr. Gongsheng was appointed Party Secretary of the People’s Bank of China on July 1, 2023.

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BEIJING — The People’s Bank of China announced on Saturday that Mr. Gongsheng, the head of the country’s foreign exchange regulator, would become party secretary of the central bank.

In a country ruled by the Chinese Communist Party, the party secretary of the institution usually has the most influence.

Pan’s appointment to the role comes as Beijing continues to develop leadership changes. The party congress twice in ten years in October and the annual parliamentary meeting in March gave the chairman You are Jinping an unprecedented third term.

The previous party secretary of the PBOC, Guo Shuqing, headed the China Banking and Insurance Regulatory Commission.

This institution was incorporated into the National Financial Regulatory Administration incl revision of financial regulation announced in March and is is due to enter into force this year. The party secretary and director of administration is Li Yunze, a rare minister-level minister from the younger generation of the 1970s.

PBOC Governor Yi Gang has been removed from his role as deputy secretary of the party, according to an announcement on Saturday. The central bank did not say whether Yi would also step down as governor.

Pan’s appointment comes as China’s economic growth has slowed and the yuan has weakened against the US dollar. Central Bank in June they cut key interest rates for the first time in months.

Meanwhile, Beijing has focused more on solving financial risks. This year, the Chinese government devoted an entire section of its annual work report to preventing and mitigating major risks – particularly in real estate and local government debt.

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