Peng Chun (FILE)	Xie Ping (CFP)

Xie Ping was replaced by Peng Chun as general manager of the Central Huijin Investment Ltd. Peng is former vice president of the Communications Bank of China.

Huijin, a wholly-owned subsidiary of the China's $300-billion sovereign wealth fund, China Investment Corp., is authorized by the State Council to exercise rights and obligations as an investor in major state-owned financial enterprises on behalf of the state.

Xie, 55, was the first general manager of Huijin, which was founded in December 2003. During his tenure, he played a key role in carrying out share-holding reforms of state-owned commercial banks. Before taking the reins at Huijin, Xie had also held a number of senior positions at the People's Bank of China, including director general of the Financial Stability Department and director general of the Research Bureau. He is now deputy manager of the China Investment Corp.

Peng, 47, joined the Bank of Communications in January 1994. He had served as vice president of the bank since September 2004 and as executive director of the bank since August 2005.