Dai Xianglong leaves People's Bank of China

China has replaced its longtime central bank governor, putting a former stock market regulator in charge as it prepares to open its banking industry to foreign competition.

Dai Xianglong, who headed the People's Bank of China for eight years, will be succeeded by Zhou Xiaochuan, former chairman of the China Securities Regulatory Commission.

Dai is taking up a post as acting mayor in Tianjin, a major port city east of Beijing.

Shang Fulin, 51, president of China's state-owned Agricultural Bank of