China’s Central Bank Chooses New Deputy Governor
What’s new: China’s central bank has announced the appointment of Li Bo, a former vice mayor of Chongqing municipality, as a new deputy governor, according to its website.
The context: Li is a financial veteran who had spent 14 years in several positions at the People’s Bank of China (PBOC). He left the PBOC in 2018 and was named vice mayor of Chongqing in 2019 amid a wave of appointments of financiers and financial regulatory officials to senior local government positions.
There have been rumors in markets that Li’s new PBOC appointment might be related to upcoming personnel changes at the International Monetary Fund (IMF), as Zhang Tao, a former deputy governor of the PBOC and now deputy managing director of the IMF, is set to step down when his five-year tenure ends in July.
It is common practice for China to find and recommend a replacement beforehand. However, any final decisions around the appointment are up to the IMF itself, as related parties are particularly cautious about the nomination amid the current international environment, some said.
Timmy Shen contributed to this report.
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