Bank of China chief to head watchdog

  • Business
  • Saturday, 04 Jan 2003

BEIJING: Bank of China president Liu Mingkang will step down to take charge of a new banking regulatory body expected to be split off from the central bank later this year, according to banking and government sources. 

Top government officials were likely to hold a key financial meeting this month to discuss the reform plan, said the sources, who all requested anonymity. 

“President Liu will leave Bank of China and he is likely to be promoted,” said an official at the bank, which is China’s biggest foreign exchange bank. 

The move would be the latest in a sweeping reshuffle that kicked off at the Chinese Communist Party's 16th congress in November, when President and party chief Jiang Zemin and other older leaders yielded their party positions to a younger generation of leaders. Jiang and the other leaders are due to retire from their government posts at a parliament session in March, completing the leadership transition. 

The reshuffle is now working its way through the ministries and other agencies, including the central bank. – Reuters  

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