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New boss at PBOC's Shanghai operation

ZHANG Xin has been named the new deputy director of the Shanghai headquarters of the People's Bank of China, the central bank said yesterday.

He will also head the bank's Shanghai branch.

He was previously head of the financial stability bureau under the central bank. His predecessor, Hu Pingxi, has moved to the Shanghai Rural Commercial Bank as chairman.

Zhang's move from Beijing to Shanghai is seen as a means to support the build-up of Shanghai as a major world financial center by 2020, industry watchers said.

Zhang, 40, who graduated from the graduate department of the central bank in 1989 and gained a PhD in finance from Columbia University in 1996, worked for Merrill Lynch and the World Bank in the late 1990s. He came back to China and joined the China Securities Regulatory Commission in 2000.

He became deputy head of the financial stability bureau in May 2005.

The central bank set up its Shanghai headquarters in March 2006 to enhance Shanghai's position in the international financial market.

The State Council earlier this year issued guidelines with the aim of making Shanghai a leading financial and shipping center by 2020.


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