Xiang Junbo [file]

Xiang Junbo was removed from the post of vice governor of the People's Bank of China, or the central bank, according to a notice on the website of the central government.

Meanwhile, Agricultural Bank of China President Yang Mingsheng was named vice chairman of the China Insurance Regulatory Commission.

Xiang will replace Yang to take the helm at the Agricultural Bank, the last of the country's big five banks that have not yet gone public, said a statement of the lender released on Friday, the Shanghai Securities News reported on its website.

"The State Council decided on June 16 to appoint Xiang Junbo as president of Agricultural Bank of China," according  to the statement.

Earlier this year, the lender started restructuring in preparation for a share sale, which is expected to be facilitated after Xiang is in place.

In another reshuffle, Tang Shuangning lost his position as vice chairman of the China Banking Regulatory Commission. Previously, he has been named chairman of China Everbright Group, the parent of Everbright Bank which is also in the process of a restructuring before a domestic listing.

Tang Shuangning [file]

In addition, Zhang Hongli, assistant minister of finance was promoted to vice minister. That appointment fills the vacancy after Lou Jiwei was transferred to vice secretary-general of the State Council, according to the Oriental Morning Post.

Lou is leading a team to establish a State foreign exchange investment company to make more profitable use of China's US$1.2 trillion forex reserves.

More appointments are slated to come, says the Shanghai-based newspaper, as Xiang Junbo's and Tang Shuangning's former positions must be occupied.