Central banker to head Agricultural Bank

The deputy governor of the People's Bank of China, Xiang Junbo, has been appointed president of the state-owned Agricultural Bank of China, to deal with the bank's $99bn in bad debt and take it public.

Xiang will replace Yang Mingsheng, who has been with the Agricultural Bank for 27 years and was nominated as vice chairman of China's insurance regulator.

It is estimated that the government may have to find $140bn to bail out the bank, which currently accounts for half of the country's bad loans