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China Names Lu Lei Deputy Governor Of PBOC

CHINA PRESS
MNI (Singapore)

China has appointed Lu Lei as deputy governor of the People's Bank of China (PBOC), replacing Liu Guoqiang, according to a statement from the Ministry of Human Resources and Social Security on Tuesday. Lu, 53, steps down as deputy director of the State Administration of Foreign Exchange (SAFE), a post he has held since 2017. Lu served previously as director of the PBOC’s financial stability bureau and research bureau. Lu said in a recent speech it is necessary to revitalise inefficient financial resources, as 80% of all loans in China need to be recycled and reinvested every year, and there are considerable resources to resolve local-debt risks given to the lower leverage of the central government. (Source: 21st Century Business Herald)

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