Chinese Central Bank Appoints Xuan Changneng as New Deputy Governor

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The People’s Bank of China (PBOC) has announced the appointment of a new deputy governor.

On 20 October PBOC announced the appointment of 55-year Xuan Changneng (宣昌能) to the position of deputy-governor.

Xuan has work experience with both the financial sector and financial regulators, and holds a Masters degree in finance and a PhD in law.

He has previously served as a member of the China Securities Regulatory Commission (CSRC) planning development committee and deputy chair of its institutional regulation department, as well as an advisor and board secretary to big state-owned lender China Construction Bank.

Since September 2008 he has held positions including head of the central bank’s financial research institute, head of the financial stability department, and assistant-chair and party member at CSRC.

In August 2018, the State Administration of Foreign Exchange (SAFE) announce the appointment of Xuan to the position of deputy-head and party member.

Public statements by Xuan in recent years point to a focus on international finance, foreign exchange markets and the renminbi exchange rate.

“At present the global economic financial regulatory system faces challenges,” Xuan said on 17 April at the Tsinghua university Wudaokou Global Finance Forum.

“In a complex international environment and facing deglobalization and unilateralism, China will continue to strive to maintain and implement true multilateralism and actively advocate for international cooperation, to drive the creation of an open global economy, and contribute a constructive force to global economic recovery and the maintenance of stability.”