Zhu Hexin named SAFE head, PBOC deputy governor

The State Council, China's Cabinet, has appointed Zhu Hexin as head of the State Administration of Foreign Exchange and deputy governor of the People's Bank of China, the country's central bank.

Meanwhile, Pan Gongsheng, governor of the PBOC, was removed as SAFE's head, the Ministry of Human Resources and Social Security said in a statement on Saturday.

In November, Zhu was appointed as Party chief of SAFE, before which he served as chairman of CITIC Group, a State-owned financial conglomerate.