New regulator is also the PBOC Party chief

Guo Shuqing, head of the newly established China banking and insurance regulatory commission, was appointed Party secretary and vice-governor of the central bank on Monday, according to an announcement published on the People's Bank of China website.

Guo, 61, former chairman of the China Banking Regulatory Commission, became Party secretary as well as chairman last week of the new banking and insurance regulatory commission, which combines the role of CBRC and the China Insurance Regulatory Commission.

Yi Gang, 60, the newly elected central bank governor, was also appointed the Party's deputy chief of the central bank.