(Yicai Global) April 21 -- Liu Guiping, deputy governor of the People’s Bank of China, is being transferred to a leadership position in Tianjin, a major Chinese municipality directly under the central government, Tianjin Daily reported yesterday.

Liu will be a member of the Chinese Communist Party’s Standing Committee of the Tianjin Municipal Committee, the report said. Exactly what position the 56-year-old will hold in the Tianjin municipal government is not yet known. He was still on the list of the central bank’s list of deputy governors as of press time.

The banking veteran worked for the Agricultural Bank of China for 25 years, rising to become the head of its Fujian province and Shanghai branches. In 2014 he jumped ship to take on the role of vice general manager at sovereign wealth fund China Investment Corporation before moving into politics. He served as deputy mayor of Chongqing in southwest China from June 2016 to March 2019 where he was in charge of the municipality’s financial regulation and finance. He then returned to the financial sector as the president of China Construction Bank before joining the PBOC as vice governor in November 2020.

The country’s legislative institutions should draft the Financial Stability Act and the Law on Protection of the Rights and Interests of Financial Consumers as soon as possible, Liu said at the Two Sessions this year, the country's key annual policy-setting gatherings. Enacting a unified, clear and efficient law is of great significance to legalizing the protection of the rights and interests of financial consumers, he said.

Editors: Tang Shihua, Kim Taylor