The bank of China conveyed that the head alien trade regulator, would become the central bank's group secretary

July 4, 2023: On Saturday, the Bank of China reported that Pan Gongsheng, head of the country’s alien trade regulator, would become the central bank’s group secretary.

In a land ruled by the Communist Party of China, the party secretary of an organization typically holds the most sway.

Pan’s appointment to the role comes as Beijing continues to unfurl administration changes. The Party’s twice-a-decade congress in October and an annual parliamentary meeting in March gave President Xi Jinping an unprecedented third term.

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

That institution was absorbed into the National Financial Regulatory Administration in a financial regulatory overhaul reported in March and is set to take effect this year. The administration’s party secretary and director is Li Yunze, a rare minister-level appointee of the younger 1970s generation.

According to Saturday’s announcement, PBOC Governor Yi Gang was removed from the role of deputy party secretary. The central bank did not say whether Yi would leave his governor position.

Pan’s position comes as China’s economic growth has slowed, and the yuan has weakened against the U.S. dollar. The central bank in June cut significant interest rates for the first time in months.

Meanwhile, Beijing has expanded its focus on addressing financial threats. The Chinese government this year dedicated an entire section of its annual work report to preventing and defusing significant risks, especially in real estate and regional state debt.