Chart of the Day: PBOC Gets Major Leadership Reshuffle in 2023

The People’s Bank of China (PBOC) has undergone a major leadership reshuffle this year, including the appointment of a new governor and two new deputies.

Pan Gongsheng became governor of the central bank in July, replacing Yi Gang, who had held the role for five years. Pan also replaced Guo Shuqing to become chief of the bank’s Communist Party committee.

Prior to his promotion, Pan had been a deputy governor of the PBOC since 2012. An industry insider told Caixin that his work experience, including that at two of China’s “Big Four” state-owned commercial banks — Industrial and Commercial Bank of China Ltd. (601398.SH) and Agricultural Bank of China Ltd. (601288.SH) — is in line with the tradition of selecting a central bank governor.