Guo Shuqing, chairman of the new regulatory body of the banking and insurance sectors, is expected to soon be appointed as Communist party chief of the People's Bank of China, according to some sources. Geo was previously deputy governor of the central bank.
Unlike other central banks in the world, the People's Bank of China is not completely independent. While the governor manages day-to-day operations of the bank, the party chief is the ultimate boss of the central bank. According to one source, his appointment will be announced this week.
Yi Gang, the current central bank governor took office earlier this month, former governor Zhou Xiaochuan had held the same post in addition to the post of party chief of the Bank of China for 15 years.
