China appoints super regulator
The Chinese government has appointed Guo Shuqing as the Communist Party Secretary at the People’s Bank of China, a position above the governor. China had recently appointed Yi Gang as the governor and Guo, who is already the country’s top banking and insurance regulator, has been selected as the new party secretary. Guo is expected to have broader responsibilities over the country’s financial system. He has been heading the China Banking Regulatory Commission for the past year and the responsibility of insurance regulation has also been brought under the purview of the commission recently. The governor is responsible for running the central bank, but the party secretary has the final say on the strategic direction. Meanwhile, China has merged its regulatory commissions of banking and insurance into a new entity called the China Banking and Insurance Regulatory Commission.