China’s ruling Communist Party selected Pan Gongsheng, the bank’s deputy governor, as the bank’s party secretary. According to the Wall Street Journal, this was a step toward Pan Gongsheng’s eventual appointment as governor.

The People’s Bank of China (PBOC) said in a statement on its website that the party’s Central Organization Department made the announcement at a meeting on Saturday afternoon.

The Journal reported hours earlier that Pan, chosen for his international background, would be named to the party post before being appointed by the government to head the PBOC.

The PBOC did not immediately respond to a Reuters fax seeking comment on Saturday.

The appointment of Pan, who turns 60 this month, comes as expectations rise for the authorities to take steps to boost the world’s second-largest economy, where slowdown is deepening and spreading as a burst of activity after strict COVID-19 controls fades.

The central bank said on Friday it would implement prudent monetary policy in a “precise and forceful manner” to support economic growth and employment.

Pan has deep experience with Chinese banks and policy. He has been the deputy governor of the PBOC since 2012, according to SAFE’s website.

The current governor, Yi Gang, has been widely expected to retire since being left off the ruling Communist Party’s Central Committee during the party’s once-in-five-years congress in October.