China’s new Foreign Exchange Agency Chief

China has appointed a new head of its foreign exchange agency.

The move comes after the depreciation of the Chinese currency, the yuan, has made headlines around the globe as its impact could be widespread.

Pan Gongsheng, former deputy head of the People’s Bank of China, was appointed on Tuesday as head of the State Administration of Foreign Exchange, replacing Yi Gang.

Authorities have given no reason for the moves.

The yuan has been heading south since the central bank revamped the foreign exchange mechanism in August.

In the past week, it weakened notably, by 1.5 percent against the U.S. dollar, the largest weekly decline since August.

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