China appoints Pan Gongsheng as central bank party boss, overseeing forex regulation.

(Reuters) -China’s ruling Communist Party appointed central bank Deputy Governor Pan Gongsheng as the bank’s party secretary on Saturday, a move the Wall Street Journal said would be a prelude to becoming governor.

The party’s Central Organization Department announced the decision at a meeting on Saturday afternoon, the People’s Bank of China (PBOC) said in a statement on its website.

The Journal reported hours earlier that Pan, chosen for his international background, would be named to the party post before being appointed by the government to head the PBOC.

The PBOC did not immediately respond to a Reuters fax seeking comment on Saturday.

The appointment of Pan, who turns 60 this month, comes as expectations rise for the authorities to take steps to boost the world’s second-largest economy, where slowdown is deepening and spreading as a burst of activity after strict COVID-19 controls fades.

The central bank said on Friday it would implement prudent monetary policy in a “precise and forceful manner” to support economic growth and employment.

Pan has deep experience with Chinese banks and policy. He has been the deputy governor of the PBOC since 2012, according to SAFE’s website.

The current governor, Yi Gang, has been widely expected to retire since being left off the ruling Communist Party’s Central Committee during the party’s once-in-five-years congress in October.

(Reporting by Gokul Pisharody and Bharat Govind Gautam in Bengaluru; Editing by Simon Cameron-Moore and William Mallard)

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