The chairman of Shanghai Bank and deputy secretary of China Investment Corporation Fan Yifei has been appointed as a party committee member of the People’s Bank of China, according to a notice posted on the central bank’s website.

The announcement comes as three of the four of the PBOC’s deputy governors are expected to be replaced this year. Current deputy governor Li Dongrong is expected to retire while Yi Gang and Hu Xiaolian are expected to leave for other duties, according to media reports. Yi Gang, who is also the chairman of China’s foreign exchange regulator, was recently appointed to help lead a central economic policy committee.

The move for Fan, 51, who studied at Columbia University in New York, could indicate that he will be appointed as a new deputy chairman.