China has tapped a western-trained risk firefighter to lead the country’s central bank, a move that is expected to provide some market certainty as Xi Jinping overhauls oversight of the financial sector. The People’s Bank of China announced on Saturday that Pan Gongsheng had been appointed to the role of Communist party chief at the bank, replacing Guo Shuqing.

The party chief is the most powerful political position at the bank and can hold more sway than the governor. Pan is expected to be announced as the next bank governor, too, replacing Yi Gang who has served in the role for more than five years.

“The appointment will inject some reassurance to the market on continuity for the picks of China’s top central bankers,” said Chen Long, co-founder of Beijing-based research company Plenum. “Among all possible candidates, [Pan] is the person who knows the market best, and who the market knows best.”