Pan Gongsheng appointed as the governor of the Central Bank of China

Tags: International News

On July 25, 2023, Pan Gongsheng was appointed as the Governor of the Central Bank of China, marking the ruling Communist Party's highly anticipated final major appointment in a decade.

An Overview of the News

• Pan Gongsheng, a deputy governor of the central bank and a seasoned expert in China's government banking sector, assumed the position, succeeding Yi Gang, an American-trained economist who served in the role for five years.

• The Governor of the People's Bank of China, Pan Gongsheng, holds a preeminent position within Chinese finance circles, as the bank is under the control of the ruling Communist Party.

• Previously, in 2015, Pan was appointed as the head of China's foreign exchange regulator. Prior to that, he held the position of vice-chairman at Agricultural Bank of China Limited, one of the country's four major commercial lenders.

• Pan Gongsheng earned his PhD in Economics from the University of Renmin in Beijing and conducted research at both Cambridge and Harvard Universities. He received recognition for his role in effectively managing the currency crisis in 2016.

Bank of China:

• In August 1905, the first National Bank of China, known as the Treasure Bank, was founded in Beijing.

• Instead of being named 'Bank of Great King,' the institution adopted the name 'Bank of China' when it opened its doors in Shanghai on February 5, 1912.

• On August 1, 1912, the bank's headquarters were established in Zijiaamin Lane, Beijing.

• In 2006, Bank of China made history by becoming the first Chinese bank to achieve dual listing on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange.