China's State Council, the cabinet, also appointed Zhang Yutai as head of the Development Research Center of the State Council, replacing Wang Mengkui.

In the meantime, Wang Chunzheng was removed as deputy head of the National Development and Reform Commission and Xiang Junbo was removed as vice president of the People's Bank of China.

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Although the cabinet didn't announce the new post of Xiang, insiders said that Xiang would be the new governor of the Agricultural Bank of China.

Xiang will also become the lender's first chairman after its shareholding reform was completed, insiders said.

Tang Shuangning was removed as deputy head of the China Banking Regulatory Commission, according to the cabinet.

Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission, disclosed last weekend that Tang would become chairman of China Everbright Group, the controlling company of China Everbright Bank.

Jiao Yi'an and Han Xizheng were removed as chairpersons of the Board of Supervisors for Key Large-Sized State-Owned Enterprises, and Wu Xiaoping was removed as chairperson of the Board of Supervisors for Key State-Owned Financial Organizations.

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