Shares of Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, surged by 5.86% on Monday, buoyed by the appointment of Pan Gongsheng as the new governor of the People's Bank of China (PBOC), China's central bank.

Pan, a seasoned financial expert and former deputy governor of the PBOC, has been tasked with steering the world's second-largest economy through a challenging period of slowing growth, rising deflation risks, and a struggling property market. His appointment has been widely welcomed by investors and analysts, who view his extensive experience and track record as a positive development for the Chinese financial system.

Born in a farming village in eastern China, Pan's journey to the helm of the PBOC has been remarkable. He has played pivotal roles in major financial reforms, including overseeing the record-breaking initial public offerings of ICBC and Agricultural Bank of China, as well as managing China's $3 trillion foreign exchange reserves. His expertise in navigating international markets and implementing policy measures is expected to prove invaluable in addressing the country's economic challenges.