China Names New Forex Chief Amid Leadership Reshuffle at Top Financial Regulators

China has appointed veteran financier Zhu Hexin as the State Administration of Foreign Exchange’s (SAFE) Communist Party group chief, succeeding Pan Gongsheng, the agency announced Friday.

Zhu has also been named as a member of the party committee at the People’s Bank of China (PBOC), SAFE said in a statement.

The appointments, part of Beijing’s broader overhaul of the top brass at its most important financial regulatory agencies, have sparked market speculation that Zhu will become SAFE administrator, replacing Pan, and serve as a PBOC deputy governor.