Chang Yong Rhee appointed to chair the BIS Committee on the Global Financial System

• Chang Yong Rhee, Governor of the Bank of Korea, is appointed Chair of the Committee on the Global Financial System (CGFS) at the Bank for International Settlements (BIS).
• Mr Rhee's term is for three years from 1 November 2023

The central bank Governors of the Global Economy Meeting (GEM) of the BIS have appointed Chang Yong Rhee, Governor of the Bank of Korea, as Chair of the Committee on the Global Financial System.

The CGFS is a central bank forum for monitoring financial sector developments and analysing their implications for financial stability and central bank policy. Its secretariat is hosted and supported by the BIS in Basel.

Mr Rhee's term is for three years. He succeeds Philip Lowe, who was CGFS Chair from June 2018 until the end of his term as Governor of the Reserve Bank of Australia.

The GEM Governors expressed their gratitude to Mr Lowe for his leadership during his time as Chair and wish Mr Rhee every success in his new role.

Mr Rhee has been Governor of the Bank of Korea since April 2022. He previously held senior positions at the International Monetary Fund and Asian Development Bank, as well as a tenured post at Seoul National University. Mr Rhee was Korea's Sherpa during its presidency of the G20 in 2010 and Vice Chair of Korea's Financial Services Commission in 2008.