Xuan Changneng, assistant to the chairman of the China Securities Regulatory Commission, has been promoted to deputy director of State Administration of Foreign Exchange, The Paper reported.

Born in 1967, Xuan gained his Masters degree in law from the University of Pennsylvania, and accomplished his Ph.D. in Finance at the University of Texas.

After graduation, Xuan worked for JP Morgan Chase as a senior analyst in the derivatives research department, working on the trading and pricing of derivative securities and risk management.

Xuan returned to China in 2000, and entered the central bank in 2008, serving as the director of the Institute of Finance as well as the Financial Stability Board before he was transferred to China Securities Regulatory Commission to assist the boss in 2016.

After this reshuffle, The State Administration of Foreign Exchange has formed a new leadership of one director and four deputy directors.