Jin Liqun, chairman of the supervisory board of China Investment Corp, China's sovereign wealth fund, will step down on Friday and assume the position of chairman of China International Capital Corp as early as May 20, a source told China Daily on Thursday.

Prior to the appointment at CIC, Jin served as vice president of the Asian Development Bank.

Before joining the ADB in August 2003, he served as deputy minister of finance, director general of the World Bank Department at the Ministry of Finance, and executive deputy director of China to the World Bank Group.

He was a member of the Monetary Policy Committee of the People's Bank of China.

Currently he also serves as chair of the International Forum of Sovereign Wealth Fund.

Jin was born in 1949 and holds a masters degree from Beijing Foreign Studies University, and was a Hubert Humphrey Fellow in the Economics Graduate Program at Boston University.