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Two new hires bode well for China’s reform

If “personnel is policy,” as the old adage goes, then two big staffing moves over the weekend suggest China’s financial reform process is accelerating in critical ways.

Chinese leader Xi Jinping signaled as much by elevating protege Pan Gongsheng to Communist Party chief of the People’s Bank of China (PBOC) – and likely to the PBOC governorship in short order.

Xi also reportedly named Ding Xuedong, a senior State Council official, as party chief of the National Council for Social Security Fund (NCSSF).

Pan’s promotion was a particular surprise. Last year, he was stripped of his membership in the party’s Central Committee, a status that was held by his PBOC predecessor Guo Shuqing.

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