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Reports: China to name Guo Shuqing as central bank party chief

Beijing is expected to name Guo Shuqing as Communist Party chief of the Chinese central bank, media reports said March 25, quoting sources with knowledge of the matter.

Guo's appointment is expected to be announced soon, sources told Reuters. He was recently appointed chairman of the China Banking and Insurance Regulatory Commission.

The central bank's new governor, Yi Gang, took over from Zhou Xiaochuan in early March. Zhou had served as the central bank's governor and party chief for 15 years, Reuters said.

Yi and Guo will answer to Liu He, an economic adviser to President Xi Jinping who was recently appointed as China's vice premier for financial and industrial policy.

The Chinese central bank is not fully independent. The governor manages its daily operations but the party chief makes strategic decisions, The New York Times reported.

The new People's Bank of China party chief is said to be a reformer, Reuters said. As head of China's banking regulator, Guo implemented measures against shadow banking and hidden bad debt.

During his 17 months as head of the stock market regulator from 2011 to 2013, Guo led 80 new policies to stem insider trading, advocated IPO reform, pushed for the delisting of loss-making firms and encouraged foreign investment.