• Chinese finance guru Zhu Hexin to take over as head of forex.
• Zhu is also likely to be named a deputy governor of the PBOC.
• The move comes as China faces economic challenges.

China is expected to announce the appointment of Zhu Hexin, the chief of state-run financial conglomerate CITIC Group and a veteran banker, as the new head of its foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), according to sources.

Zhu, 55, is also likely to be named a deputy governor of the People’s Bank of China (PBOC), which oversees SAFE.

The move comes as China faces economic challenges, including a downturn in the property sector and local government debt.

Zhu will succeed Pan Gongsheng and take on the role amid efforts to stabilize the currency and boost economic growth.

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