China is reportedly poised to appoint Zhu Hexin, the head of CITIC Group, as the new chief of its foreign exchange regulator. A Reuters report, which quoted four sources, indicates that Zhu's appointment to lead the State Administration of Foreign Exchange could be announced soon, possibly within the week. In addition to this role, Zhu, 55, is expected to be named a deputy governor of the People's Bank of China, which supervises the foreign exchange regulator. The decision follows standard procedures of the Chinese Communist Party's central organisation department, which conducts suitability checks for all significant government appointments. This move comes as China faces increasing economic and market challenges.