The People’s Bank of China (PBOC) has named Liu Guoqiang, currently assistant governor, as one of its vice governors, according to China’s Ministry of Human Resources.

The appointment comes as the central bank girds for an escalating trade war with the United States and a slowdown of the Chinese economy, reports Reuters. Including Liu, the PBOC has five vice governors.

Liu worked at the General Office of the Chinese Communist Party’s Central Leading Group for Financial and Economic Affairs for 14 years before joining the PBOC in 2016.

Recent changes in China’s financial system have given the PBOC greater powers over financial institutions such as insurers and banks, as part of the government’s campaign to curb financial risks.

There have been several notable appointments to the PBOC recently. In March, Yi Gang was named governor, succeeding Zhou Xiaochuan, who led the central bank for 15 years and was one of the architects of its larger role.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, is also a vice governor and the Communist Party chief at the central bank.

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