Central bank insider Liu Shuyu is renowned for his communication skills — a useful attribute at a time financial regulators have been broadly slammed for inept messaging.

He is a regular face on the conference circuit, defending and clarifying policies at the central bank, where he cut his regulatory teeth. The revolving door between regulators and banks is a common path among top financial officials, and one trodden by his four predecessors at the China Securities Regulatory Commission — who, like Mr Liu, looped from central bank to commercial back and then to the securities regulator.

After 18 years at the People’s Bank of China, latterly serving as a deputy governor of the People’s Bank of China, he went on to chair Agricultural Bank of China, one of the “Big Four” state-owned banks, before being called back to fill Xiao Gang’s abruptly vacated post of chief securities regulator.