Bank of China

People's Bank of China reshuffles executives

PUBLISHED : Thursday, 03 January, 2008, 12:00am
UPDATED : Thursday, 03 January, 2008, 12:00am

People's Bank of China assistant governor Ma Delun had been promoted to deputy governor as part of a reshuffle of top government officials, industry sources said.

Mr Ma joined the bank in 1992 and has worked his way up through the ranks. He was previously deputy director of the People's Bank of China in Shanghai.

His promotion was widely expected after former deputy governor Xiang Junbo was appointed president of Agricultural Bank of China last year. Two other deputy governors, Wu Xiaoling and Su Ning, both 61, are tipped to retire after a government reshuffle in March.

The central bank has a tradition of selecting deputy governors from inside the organisation because of their monetary knowledge and expertise. Both remaining deputy governors, Hu Xiaolian and Liu Shiyu, were assistants before moving up.

The central bank has yet to confirm the appointment publicly. A PBOC source yesterday said there were no formal documents confirming Mr Ma's promotion, even though it was widely known.

'I think it takes formal approval from the Ministry of Personnel before we can say anything. This is how the system works,' the source said.

Analysts said Mr Ma's appointment was part of a large reshuffle before a new government came into being in March.

A raft of new ministers and governors has been appointed in the past two months after the Communist Party finished its national congress in October.

Mr Ma's promotion is expected to have little impact on the central bank's overall policy as personal style at the ministerial level has never been a major factor in mainland politics.

The officials' ultimate loyalty to the Communist Party and the ability to execute policies drafted by the central government usually outweighed anything else, analysts said.

The central bank reportedly considered several senior officials in November to fill the position, and Mr Ma was one of those interviewed.

More officials may be promoted once the retirement of the other two deputy governors is confirmed. The central bank usually has five deputy governors.