People's Bank of China

Chen Yulu appointed to PBOC in wait for IMF job

CNBC with Reuters

China has appointed academic Chen Yulu as the vice governor of the central bank, the government said on Friday.

Chen, who has a Ph.d in economics and is president of Renmin University of China, was an adviser to the People's Bank of China (PBOC) from 2012 until earlier this year.

Dow Jones and other media reported that the position was a holding one, until Chen could replace Zhu Min as China's most senior representative at the International Monetary Fund. Zhu, who is the IMF's deputy managing director, is due to complete his tenure next July.

In September The Wall Street Journal reported that Beijing was considering replacing PBOC Governor Zhou Xiaochuan as part of a wider personnel reshuffling following internal battles about overhauling the economy. The WSJ noted at the time that no final decision had been taken on Zhou's future at the central bank.

The government also said on Friday it had appointed Fan Xinghai, a senior adviser on economics to President Xi Jinping, as vice chairman of the China Securities Regulatory Commission (CSRC). The securities regulator was also reportedly embroiled in wrangling over the handling of financial markets, after a stock boom and bust in recent months damaged China's reputation with investors.