Chinese authorities have appointed veteran banker Zhu Hexin as the party chief of the State Administration of Foreign Exchange, the country’s foreign exchange regulator.

Zhu will take over Pan Gongsheng’s role as Safe’s party chief, the regulator announced on November 24. Pan has been the administrator and party chief of the FX regulator since 2016, and became governor of the People’s Bank of China in July.

Beijing also appointed Zhu as a member of the PBoC’s party committee. Under the State