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Bank of Korea Gov. Shin Hyun-song has been elected chair of the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI), the first from a non-Western country, Yonhap and other Korean outlets report. The election took place Nov. 10 at the BIS Global Economy Meeting in Basel, Switzerland, with a three-year term starting Nov. 1. CPMI, a key central bank consultative body under the BIS, sets international standards for payment and settlement systems and financial market infrastructure, with 28 member central banks including the U.S. Federal Reserve, the European Central Bank, and the Bank of England. Korean media frame the appointment as a milestone, noting Shin's office confirmed the selection and that he had departed for Basel earlier that week to attend the governors' meeting.