China names Zhu Hexin as new chief of foreign exchange regulator By Reuters

© Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People’s Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo

BEIJING (Reuters) – China has named veteran banker Zhu Hexin as the head of its forex regulator and deputy governor of its central bank, the country’s human resources ministry said on Friday.

The appointment of 55-year-old Zhu comes at a time when the world’s second-largest economy is struggling to boost growth, fend off risk of financial instability, and stabilise the currency to stem capital outflows.

Data in recent weeks pointed to a mixed picture of economic recovery, raising calls for more policy support to sustain growth, though the yuan currency has recouped some losses as the U.S. dollar weakens.

Zhu, former chief of state-run financial conglomerate CITIC Group, was appointed as the party chief of the State Administration of Foreign Exchange (SAFE) on Nov. 24. Reuters previously reported Zhu’s appointment on Nov. 22, citing sources familiar with the matter.

The central bank governor, Pan Gongsheng, will no longer take the post as the head of SAFE.

China will spur domestic demand and consolidate and enhance its economic recovery in 2024, the Politburo, a top decision-making body of the ruling Communist Party, was quoted by state media as saying on Friday.

The country will continue to implement a prudent monetary policy and proactive fiscal policy in 2024, state media reported the Politburo as saying.

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