(Yicai Global) Sept. 7 -- China's central bank, the People's Bank of China, has appointed Jin Penghui as deputy director of its Shanghai headquarters and president of the Shanghai office, state-owned news agency Xinhua reported, quoting Yi Gang, the central bank's deputy governor, on Sept. 6.

Jin previously served as the Party Secretary and president of the central bank's Ji'nan office in eastern Shandong province. Zhang Xin, former deputy director at the Shanghai headquarters and president of Shanghai office, was appointed deputy director of the National Government Offices Administration in July this year.

The new Shanghai head graduated in 1992 as an excellent graduate from Southeast University in Nanjing, majoring in engineering management. He also received a doctorate from the renowned Tsinghua University School of Economics and Management.

The Shanghai headquarters of the People's Bank of China was formally set up in August 2005 and its establishment was regarded as an important institutional tool to improve central bank decision-making and operations.