China has appointed new chiefs of its three main financial regulators, state media reported, in a periodic shuffle of officials by the ruling Communist Party.

The moves comes as China struggles with slowing economic growth and persistently high domestic inflation, which has prompted the government to keep a tight grip on credit.

Shang Fulin will become head of the China Banking Regulatory Commission, shifting from his former post as chief of the market watchdog, the China Securities Regulatory Commission, Xinhua news agency reported late Saturday.

Guo Shuqing would take over as boss of the securities regulator. He was most recently chairman of China Construction Bank, one of the nation's top four state banks.

Guo is also a former head of the State Administration of Foreign Exchange, which helps oversee the country's massive hard currency reserves, now standing at around $3.2 trillion.

Xiang Junbo, another former banker, would take over as head of the China Insurance Regulatory Commission. He was previously chairman of the Agricultural Bank of China, another major state-owned bank.