An official with China’s foreign exchange regulator is the lead candidate to become next investment chief of the largest US public pension fund, according to people familiar with the matter.

The California Public Employees’ Retirement System has offered the job to Ben Meng, deputy CIO of China’s State Administration of Foreign Exchange, one of these people said. The agency is in charge of China’s more than $3tn in foreign reserves. Meng previously worked for the California pension fund earlier this decade.