BEIJING - The State Council, or China's Cabinet, has approved a reshuffling of the central bank's monetary policy committee, according to a statement posted on the central government's website on Wednesday.

Guo Shuqing, chairman of the China Securities Regulatory Commission, and Xiang Junbo, chairman of the China Insurance Regulatory Commission, will join the People's Bank of China's monetary policy committee, the statement said.

Wu Dingfu, former head of the country's top insurance regulatory body, and Liu Mingkang, former head of China's top banking regulator, will leave the 15-member committee, the statement said.