PBOC Appoints New Deputy Governor - Caixin

An update on the People’s Bank of China website showed Xuan Changneng had been appointed as a new deputy governor on Thursday, Caixin reported. Xuan, whose most recent role was deputy head of the State Administration of Foreign Exchange, is one of the first overseas returnee officials in the financial regulatory department. Xuan moved to the U.S. to study in 1992 and obtained a master's degree in economics and a doctorate in finance from the University of Texas at Austin. He worked on Wall Street for two years before returning to China in 2000, Caixin said. He once worked for the China Securities Regulatory Commission, China Construction Bank, and as head of the PBOC’s Financial Stability Bureau from 2009 to 2016, he had promoted major reforms relating to deposit insurance system and policy banks, Caixin said.