China’s central bank appointed Li Dongrong as a deputy governor as part of a reshuffle that is taking place before a once-in-a-decade change in the Communist Party’s leadership.
Li, 57, previously an assistant governor, has spent his whole career at the People’s Bank of China and joins deputy governors Hu Xiaolian, Liu Shiyu, Yi Gang and Pan Gongsheng, according to the PBOC’s website.
According to his official biography, Li served at the PBOC’s Guangdong branch from 1984 until 2002, when he was promoted to work in Beijing at the State Administration of Foreign Exchange, an agency which is part of the PBOC and manages the nation’s $3.2 trillion of foreign-exchange reserves.
A reshuffle at China’s financial regulators has included changes at the banking, securities and insurance overseers. The ruling Communist Party is preparing for President Hu Jintao and Premier Wen Jiabao to hand power to the next generation of leaders.