China names Guo Shuqing as central bank party secretary: Report

Guo Shuqing, head of China’s new regulator for the banking and insurance sectors, has been named as Communist Party chief of the People’s Bank of China (PBOC), the New York Times said on social network Twitter on Sunday.

Guo, who was appointed last week as chairman of the China Banking and Insurance Regulatory Commission, will be above governor Yi Gang at the country’s central bank, the paper said in a tweet, citing three people it said were familiar with the decision. 

Yi only took over as PBOC governor earlier this month, replacing Zhou Xiaochuan, who held the post for 15 years and concurrently served as PBOC party chief. Sources familiar with the matter say Yi, a US-educated economist and previously Zhou’s right-hand man, is likely to manage the PBOC’s day-to-day operations.  Guo’s strong political and financial background will enable him to effectively coordinate policy between the PBOC and the new banking and insurance regulator, the first two sources said. During his 17 months as chief stock market regulator from 2011 to 2013, Guo drew up 80 new policies, fought widespread insider trading,  and boosted the participation of foreign investors.