PBOC Promotes Zhang as Assistant Governor After Decade of Sweat

Zhang Xiaohui, director general of the monetary policy department at China’s central bank for a decade, has been promoted as an assistant governor.

Zhang has worked at the People’s Bank of China since 1987 and has been in charge of its most powerful unit since August 2004, drafting proposals about required reserve ratios and interest rate changes for the governor and State Council leaders to approve. The State Council, China’s cabinet, announced her promotion in a statement Friday.

From the liberalization of interest rates to the creation of new liquidity management tools, Zhang has devoted “sweat” to every major monetary policy change, according to an article about her published by a work committee of the Communist Party. Her appointment is part of a change in personnel at the bank’s second tier. Zhou Xiaochuan has also been the subject of speculation as to when his 12 years as governor will end.

Zhang once organized for all female workers in her department to watch the film “Iron Lady” on International Women’s Day, according to the article.

Yang Ziqiang, formally the head of Shandong branch of the PBOC, was also promoted as an assistant governor.

— With assistance by Xin Zhou

Before it's here, it's on the Bloomberg Terminal.