The most influential position in the Central Bank of China was taken by an ex-employee of Harvard

Pang Gongsheng became party secretary at the People's Bank of China , who may later head it. He collaborated with Cambridge and Harvard Universities, and also trained at Standard Chartered Pan Gongshen

The People's Bank of China (PBOC, the country's central bank) has undergone a personnel reshuffle, according to the regulator. Pang Gongsheng, a former deputy director of the bank, has been appointed Secretary of the Chinese Communist Party at the PBOC. Previously, this post was held by Guo Shuqing.

The statement also said that Yi Gang, who has been the head of the PBOC since 2018, will step down as deputy secretary of the party committee.

The position of party secretary at the People's Bank of China is the most powerful in the regulator, according to the Financial Times. According to the publication, Pan Gongshen may subsequently replace Yi Gang as head of the PBOC. The South China Morning Post also writes about this , citing sources.

“Among all possible candidates, [Pan] is the person who knows the market best,” Chen Long of Beijing-based research firm Plenum told the FT. A newspaper source familiar with the situation said that the appointment of Pang Gongsheng as the head of the PBOC is being considered in an accelerated manner: next week he will turn 60 years old, at this age many Chinese officials retire.

Pan Gongshen has worked at the NBK since the early 2010s, where he was responsible for the bank's interaction with the media, Western financiers and regulators. Since 2016, he has headed the State Administration for Foreign Exchange Control. In 1997-1998, Pang Gongsheng did research at the University of Cambridge, was a senior fellow at Harvard, and interned at Standard Chartered. He received his Ph.D. from Renmin University of China.

The FT notes that Pang Gongsheng has developed a reputation for financial risk management. His appointment as head of the PBOC, if confirmed, comes amid Chinese President Xi Jinping's drive to bolster the country's economy, which has been hit by severe COVID-19 restrictions . In 2022, China's GDP in annual terms increased by 3% and amounted to about 121,020.7 trillion yuan (about $18 trillion). Excluding 2020, when the pandemic began, this was the country's lowest economic growth rate since 1976.

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