Money

CBRC denies chairman's retirement

(China.org.cn)
Updated: 2011-05-18 14:14

The China's Banking Regulatory Commission (CBRC) denied on Monday rumors about the pending retirement of its chairman Liu Mingkang, saying a Dow Jones report claiming the chairman would retire in months was untrue and irresponsible.

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Liu Mingkang will turn 65 this August. His birthday has fueled media speculation that he will retire since most minister-level officials in the Chinese government typically depart from their jobs when they reach 65.

Liu took the post as chairman of the CBRC in April 2003. Before that, he worked at Bank of China, China Development Bank, and China Everbright Bank.

During his tenure as head of China's banking regulator, he pushed for China's four major state-owned banks to restructure before they went public.