Bank of Canada Governor Mark Carney has been named chairman of a Basel-based committee of global central bankers who discuss financial market policies, the bank said on Tuesday.

Starting July 1 Carney will preside over the Committee on the Global Financial System, which is hosted by the Bank for International Settements (BIS) in Basel, Switzerland. He replaces U.S. Federal Reserve Vice-Chairman Donald Kohn, who is retiring.

I look forward to maintaining the excellent reputation that this committee has built under Don Kohn's leadership. Its work will contribute importantly to identifying systemic trends and vulnerabilities and to advancing global financial system reforms, Carney said in a written statement. (Reporting by Louise Egan; Editing by Frank McGurty)