China's authorities have replaced the country's two top financial regulators.

Zhou Xiaochuan has been promoted to become head the People's Bank of China (PBOC), the country's central bank, the official Xinhua news agency reported.

Mr Zhou's replacement at his old job heading the stock market regulator, the China Securities Regulatory Commission (CSRC), has been named as Shang Fulin.

Mr Shang was previously general manager of the Agricultural Bank of China, one of China's top four commercial banks, and before that a deputy governor of the PBOC.

Exchange rate row

China's economic policy makers are in the midst of a wider reshuffle in the wake of the 16th Congress of the Chinese Communist Party in November.

As China's central banker, Mr Zhou is likely to face growing calls from Japan and the United States for a revaluation of China's currency, the Yuan, to reflect the strength of its fast-growing economy.

The Yuan has traded in a narrow band around 8.3 Yuan to $1 for the last seven years, but Japan's finance minister recently said China's currency was "too weak". The Yuan is not internationally traded.

China's cheap exports have been accused by some Western economists of exporting deflation, something which has been vigorously denied by commentaries in China's official press.

Mr Zhou earned international respect during the Asian financial crisis of 1997-98.

He headed the foreign exchange administration during a period when many Asian currencies fell steeply.

China's authorities resisted pressure to devalue the Yuan.

Mr Zhou led a crackdown on insider trading and sloppy accounting practices during his time as China's chief stock market regulator.

He also oversaw some of China's biggest overseas share sales, such as that of phone operator China Unicom and oil firm Sinopec.

He was widely expected to succeed outgoing PBOC governor Dai Xianglong.