(Yicai) Aug. 29 -- The deputy director of China's State Administration of Foreign Exchange has been transferred to Export-Import Bank of China, where she will serve as the policy bank’s new president.

Wang Chunying will also replace Ren Shengjun as the new deputy party secretary of China EximBank, the Beijing-based lender announced yesterday. She is expected to assume the president’s role after standard bureaucratic procedures.

Wang joined the SAFE in August 1992. She was named deputy director of its balance of payments department in December 2008 and director of the department in 2016. She has been a SAFE chief economist since July 2018 and SAFE's deputy director and spokesperson since June 2020.

China EximBank is one of the country's three major policy banks. It mainly provides financial support for the export of mechanical and electrical products, complete equipment sets, and high-tech products, as well as contracted overseas projects and investments by Chinese enterprises, to promote the development of China's foreign relations and international economic and trade cooperation.

Policy banks are large state-run financial institutions that support governments in implementing economic policy and carrying out financial business in specific fields. China's two other policy banks are China Development Bank and Agricultural Development Bank of China.

China EximBank reported a net profit of CNY8.8 billion (USD1.2 billion) last year, down 9 percent from the year before, according to its latest annual performance report. Operating revenue fell 26 percent to CNY23.3 billion (USD3.3 billion).

The bank's total balance sheet assets rose 7.6 percent to CNY6.38 trillion (USD897 billion) in 2023, and its domestic and foreign currency loan balance rose 5.5 percent to CNY5.52 trillion.

Editors: Tang Shihua, Futura Costaglione