In recent days, US government officials have repeatedly called a senior Chinese government official the head or acting head of the People’s Bank of China (PBOC), in an apparent recognition of his expected promotion to the top position.

During a final press conference, marking the end of her visit to Beijing, US Treasury Secretary Janet Yellen referred to PBOC Deputy Governor Pan Gongsheng, whom she had interacted with during a series of meetings with top government officials, as the head of the central bank.

Pan was named the PBOC party chief by the ruling Communist Party on July 1st, which two policy sources note would put him in position to take the mantle of central bank governor for China from current chief Yi Gang. The governor of the central bank is a position which requires nomination by the government.

The Treasury Department had been referring to Pan as the governor of the central bank following his meeting with Yellen on Friday. She also met with other officials, including Yi and Premier Li Qiang in the course of her four day visit.

When asked about her remarks, Yellen said, “It’s up to the Chinese side to decide and to announce their decision, but I did meet with the acting governor of the PBOC at this point, and we had very good discussions.”

Neither the PBOC nor China’s State Council Information Office, which responds to media queries for the government responded to requests for comment by media outlets.

At 60 years old, Pan has occupied the post of deputy governor since 2021, and is the top regulator of the foreign exchange. Policy insiders and analysts say the elevation of the technocrat, with a history of having done research at Harvard and Cambridge universities, indicates the nation’s leadership has growing worries over systemic risk in the nation’s sprawling financial sector.

Since being left off the ruling Communist Party’s Central Committee during the October congress, a once-every-five-years-event, Governor Yi has been expected to retire.

The shift in leadership at the central bank comes as it is expected authorities will be taking steps to boost the sputtering economy. As the current slowdown deepens and spreads, after the burst of activity following the end of the nation’s stringent Covid-19 restrictions, authorities are looking to trigger economic growth.

In her meeting with Pan, Yellen emphasized the need for China and America to cooperate on global challenges, as she sought to improve communications between the two sides, and foster tighter trade relations.