Pan Gongsheng

Pan Gongsheng became Governor of the People's Bank of China in July 2023, succeeding Yi Gang. He had previously served as Deputy Governor and Head of the State Administration of Foreign Exchange (SAFE). His appointment came at a critical time for the Chinese economy, as it faced deflation risks, a troubled real estate sector (following the Evergrande crisis), and external pressure from elevated US interest rates. Pan has implemented a series of monetary easing measures including reserve requirement ratio cuts, interest rate reductions, and targeted credit support for the real estate sector. His management of the RMB exchange rate — balancing competitiveness with stability amid capital outflow pressures — has been closely watched by global currency traders. His extensive background at SAFE, where he managed China's foreign exchange reserves for many years, made him one of the most experienced currency market practitioners to lead the PBOC in recent decades.