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China taps US-trained Yi to head central bank


Under a new reorganization of government functions, the PBOC will take over some roles now handled by China's banking and insurance regulators, which are to merge. His election will be approved at the reconvening of the National People's Congress on Monday morning, following review by almost 3,000 delegates. US President Donald Trump is expected to unveil tariffs on a range of Chinese goods valued at US$30 billion annually to force China to cut its trade surplus with the US by US$100 billion.

Steven Zhang, chief economist at Morgan Stanley Huaxin Securities, said that the main goal of the government's fiscal policy this year will be offsetting any negative impact of the ongoing financial deleveraging and maintaining stable growth.

China's parliament confirmed Monday that deputy governor Yi Gang has been promoted to the top job at the People's Bank of China.

The new governor, who joined the bank in 1997, pledged to implement prudent monetary policy, make progress on financial reform and opening-up and maintain financial stability.

US -educated Yi, 60, a protege of outgoing PBOC chief Zhou Xiaochuan, has been vice PBOC governor since 2008.

Reform-minded Guo Shuqing, 61, the current chair of the China Banking Regulatory Commission, is viewed as the leading candidate.

The confirmations, which follow President Xi Jinping's reappointment on Saturday, set the tone for Beijing's plans to reform its economy and modernize its military in Xi's second term.

"China´s ministries are giant, nationwide siloes and fiefdoms that never talk to one another".

The Chinese government has appointed a new head of its central bank.




The National People's Congress also selected four new vice premiers.

Liu, a Xi confidante, has a deep understanding of the country's economic issues and is an emerging star in Chinese politics.

Like Zhou, Yi speaks fluent English.

The retiring Mr Zhou steered the institution through the global financial crisis, overhauled monetary policy tools and oversaw the elevation of the yuan to reserve-currency status during his record 15-year term.

The PBOC and other regulators are trying to rein in risks from an increasingly complex financial system and a rapid build-up in debt without jolting markets or hurting economic growth.

The nominations were read out at the Great Hall of the People in Beijing on Monday during a parliamentary session, with journalists in attendance.

Besides already being an economic adviser to President Xi Jinping, Liu is the only vice-premier to have had an overseas education - he was a visiting scholar at Seton Hall University in New Jersey in the U.S. in the early 1990s and completed a master's degree in worldwide finance and trade at Harvard University's John F Kennedy School of Government.

Yi, by comparison, is only an alternate member of the Communist Party's central committee, the largest of the party's elite decision-making bodies, comprising 204 full members and about 170 alternate members.

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