Chang Yong Rhee Named Chairman of BIS Committee on Global Financial System

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Chang Yong Rhee, the distinguished governor of the Bank of Korea, has been appointed as the chairman of the Committee on the Global Financial System (CGFS) by the central bank governors of the Bank for International Settlements (BIS) Global Economy Meeting (GEM). This notable appointment signifies a pivotal moment in global financial governance.

The CGFS, a vital central bank forum, plays a crucial role in monitoring financial sector developments and analyzing their implications for financial stability and central bank policy. Its secretariat, hosted and supported by the esteemed Bank for International Settlements in Basel, underscores its significance as a key player in shaping international financial strategies.

Rhee’s three-year term at the helm of the CGFS follows the commendable tenure of Philip Lowe, who served as chairman from June 2018 until the conclusion of his term as the governor of the Reserve Bank of Australia. The transition in leadership reflects a commitment to ensuring the CGFS remains at the forefront of addressing dynamic challenges in the global financial landscape.

Expressing their appreciation, the Global Economy Meeting Governors extended gratitude to Lowe for his effective leadership during his chairmanship. The incoming chairman, Chang Yong Rhee, is entrusted with the responsibility of steering the CGFS through a new chapter, with the global financial community watching with keen interest.

Chang Yong Rhee’s impressive professional background includes senior positions at the International Monetary Fund and the Asian Development Bank. His tenure at Seoul National University, coupled with significant roles such as Korea’s Sherpa during its G20 presidency in 2010 and vice-chairman of Korea’s Financial Services Commission in 2008, showcases his diverse and extensive experience.

Assuming the role of the Bank of Korea’s governor in April 2022, Rhee brings a wealth of expertise and a global perspective to the leadership of the CGFS. The central bank governors have expressed their confidence in his ability to navigate the intricate challenges of the international financial landscape.

As the world grapples with ongoing economic complexities, Chang Yong Rhee’s leadership of the CGFS is expected to be instrumental in fostering collaboration among central banks and addressing emerging issues in the global financial system. His leadership is poised to contribute to the continued resilience and adaptability of the CGFS in an ever-evolving financial environment.