Peng Chun, former Chairman of the Bank of Communications (BOC), has been appointed chairman of the China Investment Corp. (CIC), the country's sovereign wealth fund. The post had been vacant since February 2017 after Chairman Ding Xuedong was named deputy secretary general of the State Council.

With registered capital of $200 billion, the CIC was established in 2007 as a vehicle to diversify China's foreign exchange holdings.

Peng, 57, received a master's degree from the Graduate School of the People's Bank of China (PBC), now the PBC School of Finance at Tsinghua University, in 1986 and a PhD in economics from Shanghai-based East China Normal University in 2006.

He joined the BOC in 1994 and became its vice president in 2001. After serving as vice president of the CIC from 2010 to 2013, he returned to the BOC as its president in 2013 and assumed the post of chairman in 2018.

In addition, Vice President of the CIC Ju Weimin has taken over the presidency from Tu Guangshao, who retired earlier this year.