U.S. Markets closed

China appoints banking regulator head to central bank monetary policy committee

Guo Shuqing, China's newly appointed banking regulator, attends a news conference ahead of China's parliament in Beijing, March 2, 2017. REUTERS/Shu Zhang

BEIJING (Reuters) - China's cabinet said on Tuesday it had appointed Guo Shuqing, the head of the country's banking regulator, to the central bank's monetary policy committee, in a routine reshuffle.

Guo, who was named as chairman of the China Banking Regulatory Commission (CBRC) this month, will replace his predecessor Shang Fulin as a member of the monetary policy committee.

The State Council also appointed Ding Xuedong, deputy secretary-general of the cabinet, to the committee, replacing his predecessor Xiao Jie, who is now finance minister.

The 15-member policy panel, chaired by central bank governor Zhou Xiaochuan, includes Lian Weiliang, a vice head of the National Development and Reform Commission, Shi Yaobin, a vice finance minister, and heads of banking, securities and insurance regulators.

Influential Chinese economists Fan Gang, Huang Yiping and Bai Chongen also sit on the policy panel.

The policy committee meets once every quarter to discuss economic and policy issues and would recommend any changes or action when necessary, but its influence is limited given that key currency and interest rate decisions must be signed off by senior cabinet and party leaders.


(Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Jacqueline Wong)