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UPDATE 1-Bank of China chairman named head of securities regulator -report
March 17, 2013 / 11:57 AM / 5 years ago

UPDATE 1-Bank of China chairman named head of securities regulator -report

(Adds current CSRC chief, other details)

BEIJING, March 17 (Reuters) - Bank of China Ltd Chairman Xiao Gang was named the country’s top security regulator on Sunday, the China Securities Journal reported on its website.

Xiao, 54, was named head of the China Securities Regulatory Commission (CSRC) at a Sunday meeting of the commission, the official Securities Journal said.

Xiao resigned on Sunday as chairman of the Bank of China, the bank said in a regulatory filing with the Shanghai Stock Exchange. The statement gave no details about where Xiao would go.

The news comes amid a flurry of appointments to head ministries and other top agencies as China’s annual parliamentary session ended on Sunday.

Reuters reported last week that current CSRC chief Guo Shuqing would be named governor of coastal province Shandong, and that Xiao was a leading candidate to replace him.

Both Guo’s and Xiao’s new jobs are often stepping stones to higher leadership positions.

Xiao spent many years at the People’s Bank of China - the country’s central bank - where he worked in policy research and monetary policy, rising to be deputy governor.

He joined Bank of China in 2003 and was named BOC chairman a year later. (Reporting by Sally Huang and Terril Yue Jones; Editing by Daniel Magnowski)

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