Veteran banker Zhu Hexin has been named as the new communist party chief of China's foreign-exchange regulator, succeeding Pan Gongsheng, who heads up the country's central bank.

Zhu was also named as a member of the communist party committee at the People's Bank of China, according to a statement from the State Administration of Foreign Exchange.

Zhu has been working in China's banking system for two decades.

He had served as vice governor of the southwestern Sichuan Province before being appointed as a deputy head of the PBOC in 2018. Prior to his appointment as the head of the forex regulator, Zhu was also previously chairman of state-owned financial conglomerate Citic Group.

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(END) Dow Jones Newswires

11-24-23 0223ET