Monday June 1, 07:22 AM
China plans reshuffle at FX agency -sources
BEIJING, June 1 (Reuters) - Yi Gang, a vice central bank governor, is likely to replace Hu Xiaolian as head of China's State Administration of Foreign Exchange (SAFE), which manages the country's $1.95 trillion in foreign currency reserves, sources familiar with the situation told Reuters.
Hu, who also holds the rank of vice central bank governor, has been head of SAFE since 2005.
SAFE has come under fire in some circles in China for its management of China's $1.95 trillion in official reserves, but the sources portrayed the reshuffle as routine.
'It's a normal personnel change within the People's Bank of China,' a source at the central bank said.
Another source said Hu, who joined SAFE in 1984, would stay at the central bank and might take charge of efforts to promote the yuan as an international currency.
The PBOC was not immediately available for comment.
(Reporting by Beijing newsroom; Editing by Alan Wheatley)
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