Banking Veteran Zhang Qingsong Appointed PBOC Deputy Governor

Veteran banker Zhang Qingsong has been appointed a deputy governor of the People’s Bank of China (PBOC), an official announcement said.

Zhang’s appointment, announced Tuesday by the Ministry of Human Resources and Social Security, filled the vacancy left by Liu Guiping, who left in April to become executive deputy mayor of Tianjin municipality.

Last month, Caixin learned from sources with knowledge of the matter that Zhang had begun working at the central bank.

Zhang, about 57, started his banking career in 1990 at Bank of China Ltd. (601988.SH), one of the country’s “Big Four” state-owned commercial lenders and the world’s fourth-largest bank by assets. By 2016, he had worked his way up to executive vice president. During his 28-year stint at the lender, Zhang held a variety of positions at home and abroad, including in Hong Kong, Singapore and Luxembourg.

In 2018, he left Bank of China to head policy lender the Export-Import Bank of China. The following year, he became president of Agricultural Bank of China Ltd. (601288.SH), another “Big Four” lender, and remained in the position until his PBOC appointment.

Zhang enjoys a good reputation within the banking industry thanks to his professionalism, the sources said. A central bank source who knows Zhang described him as capable, level-headed and unassuming. Employees at Bank of China said that he is experienced and has a sense of humor.

Zhang holds a master’s degree in economics from the Graduate School of the People’s Bank of China, which was founded by the central bank and was the predecessor of the Tsinghua University PBC School of Finance.

Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)

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