HONG KONG : China will appoint Li Yunze as the head of a new financial regulator as part of a broader restructuring of its financial regulatory regime, three sources with knowledge of the matter said on Wednesday.
Li, 52, a banking veteran and currently vice governor of southwestern Sichuan province, will take the helm of the National Financial Regulatory Administration (NFRA), the sources told Reuters.
The NFRA is a new government body under the State Council tasked to supervise a multi-trillion dollar financial industry, excluding the securities sector. The creation of the NFRA comes amid a sweeping reform of central government institutions spearheaded by the ruling Communist Party.
The State Council Information Office, which handles media queries on behalf of the government, did not immediately respond to a faxed request for comment.