China announced on Thursday a series of personnel changes in its
financial sector in its latest move to speed up the reform of
State-owned banks.
Xiang Junbo was removed from the post of vice governor of the
People's Bank of China, or the central bank, according to a notice
on the website of the central government.
Meanwhile, Agricultural Bank of China President Yang Mingsheng
was named vice chairman of the China Insurance Regulatory
Commission.
Xiang is widely expected to take the helm at the Agricultural
Bank, the last of the country's big five banks that have not yet
gone public. Earlier this year, the lender started restructuring in
preparation for a share sale, which is expected to be facilitated
after Xiang is in place.
In another reshuffle, Tang Shuangning lost his position as vice
chairman of the China Banking Regulatory Commission. Previously, he
has been named chairman of China Everbright Group, the parent of
Everbright Bank which is also in the process of a restructuring
before a domestic listing.
In addition, Zhang Hongli, assistant minister of finance was
promoted to vice minister. That appointment fills the vacancy after
Lou Jiwei was transferred to vice secretary-general of the State
Council, according to the Oriental Morning Post.
Lou is leading a team to establish a State foreign exchange
investment company to make more profitable use of China's US$1.2
trillion forex reserves.
More appointments are slated to come, says the Shanghai-based
newspaper, as Xiang Junbo's and Tang Shuangning's former positions
must be occupied.
(Chinadaily.com.cn July 6, 2007)