Liu Hongru Photo: VCG

Liu Hongru, former deputy governor of the People's Bank of China (PBC) and first chairman of the China Securities Regulatory Commission (CSRC), passed away at the age of 95 on Friday, Chinese financial news portal, the website of Securities Times reported.

Liu served as the executive deputy governor of the PBC from 1980 to 1989, overseeing the reform of China's financial system. From 1992 to 1995, he served as the first chairman of the CSRC. 

Liu also served as a member of the 8th and 9th National Committees of the Chinese People's Political Consultative Conference (CPPCC), and an alternate member of the 12th and 13th Central Committees of the Communist Party of China (CPC).

As the first chairman of the CSRC, in response to overheating and irregularities in China's securities market at the time, Liu spearheaded a series of groundbreaking initiatives at the CSRC, including the launch of the B-share market, H-share listings, futures markets, and the overseas listings of state-owned enterprises.

Global Times