china’s leadership is reportedly set to appoint pan gongsheng a deputy governor of the peoples bank of china pboc as the new head of the central bank according to sources familiar with the matter pan is expected to first be appointed as the banks communist party chief before assuming the role of governor the wall street journal reports with a long career in chinas financial sector pan joined the pboc in 2012 as deputy governor and became the head of the state administration of foreign exchange in 2015 he also heads the leading group of internet financial risks remediation which regulates financialtechnology companies and cryptocurrency use in china see also amid rising uschina strains janet yellen eyes visit to engage with xi jinping china’s economy currently facing slowing growth high debt levels and an aging population is at a critical juncture pan’s appointment given his extensive experience suggests a cautious approach from beijing as it focuses on stabilizing the economy after years of covid19 restrictions see also us aims to thwart xi jinpings ai ambitions as china lures billionaires into race broader reshuffling in the financial system the change in the central bank’s leadership is part of a larger reshuffling in the financial system as chinese president xi jinping forms an economic team primarily consisting of trusted allies the creation of the central financial commission a financial watchdog run by the communist party indicates the government’s growing concern over financial instability and its determination to prevent another financial crisis read next blinken stands by bidens ‘dictator label on xi jinping ‘going to continue to do and say things you dont like hi i am the benzinga newsbot i generated the above summary based on the source indicated in the article while i do my best to capture the key points of the original article please be aware that as an ai language model i may not always accurately represent the nuances and context of the source material i recommend referring to the original article for a comprehensive understanding of the topic