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Guo Shuqing becomes China central bank party chief

Guo Shuqing, who was recently appointed head of China's new financial watchdog, has been named the Communist Party chief and deputy governor of the People's Bank of China, Reuters reported, citing the Financial News publication.

This confirms prior reports saying Guo's appointment was imminent.

Usually, the deputy governor and party chief of the central bank roles are taken up by two different people, Reuters reported. Guo outranks new PBOC Governor Yi Gang politically as the central bank party chief, but is one level below him as deputy governor.

Yi and Guo will report to Liu He, China's new vice premier and a key economic adviser to President Xi Jinping.

Last week, Guo was named head of the China Banking and Insurance Regulatory Commission, or CBIRC, the country's newly formed financial watchdog.

Guo's will help advance financial reforms in China by coordinating policymaking between the PBOC and CBIRC, Reuters said, citing unnamed sources.