China Central Bank Gets First New Governor in 15 Years

Beijing-born Yi is a US-educated economist, who first joined the Chinese central bank 20 years ago and has been its deputy governor since 2008.

Zhu held both the posts of vice premier and central bank governor simultaneously from 1993 to 1995, and went on to become China's premier in 1998-2003.

At the annual session of the 13th National People's Congress, delegates voted to appoint Yi as PBoC governor.

Mr Yi, a 20-year PBOC veteran, may to some extent operate in the shadow of Mr Liu He, an ally of President Xi Jinping, who was yesterday given a broad role supervising the economy and financial sector, and outranks him as a politburo member.

A protégé of outgoing Zhou, Yi faces the tasks of bringing China's growing debt levels under control, continuing monetary policy liberalisation and increasing the country's attractiveness to foreign investors.

On trade, Liu travelled to Washington earlier this month and met with U.S. officials at the White House, but his trip has not stopped Trump from considering new trade measures against China.

Zhou is said to be retiring from his post soon. He also served as the director of the State Administration of Foreign Exchange from 2009 to 2016. Last year Beijing said it would permit companies to own majority stakes in financial firms within three years. Its responsibilities include setting interest rates and regulating China's huge financial sector.

Beijing faces complaints it violates its market-opening commitments by requiring vehicle makers and other foreign companies to hand over technology to potential Chinese competitors.

Yi received his PhD in economics from the University of IL, while Liu has a master's degree in public administration from Harvard University's Kennedy School of Government.

Chief among his concerns will be China's mounting debt, whose growth analysts say resembles trends that precipitated financial crises elsewhere. In the cabinet, he will oversee economic and financial matters.

The Trump administration is expected to unleash new tariffs on Chinese imports in the coming months while the Federal Reserve is projected to raise interest rates as the United States economic recovery continues.

Beijing is aiming to streamline regulators and ministries to cut inefficiencies while expanding the remit of the central bank to boost its policymaking powers.

.

Mr Yi and Mr Liu have a close working relationship, policy insiders said, forged as Mr Liu headed the General Office of the ruling Communist Party's Central Leading Group for Financial and Economic Affairs, while Mr Yi was its deputy head.

The country's foreign minister, Wang Yi, was also promoted to state councillor, making him a ranking member of the cabinet with more influence on global policy.


Popular
  • Jim Carrey's 'monstrous' Sarah Huckabee Sanders portrait made Fox News angry

    Jim Carrey's 'monstrous' Sarah Huckabee Sanders portrait made Fox News angry

    Most recently, The Truman Show star took aim at President Trump and his alleged connections to Russian president Vladimir Putin . The actor described Sanders as "a so-called Christian whose only objective in life is to lie for the wicked" in the caption.
    Patient forced by doctors to use amputated leg as pillow

    Patient forced by doctors to use amputated leg as pillow

    In fact, the relative of the patient is the one who used the leg to prop his head up because they couldn't find anything else. And an unlicensed doctor was arrested last month for allegedly infecting at least 46 people with HIV by re-using a syringe.
    Durant saves Warriors after twisted ankle costs Curry

    Durant saves Warriors after twisted ankle costs Curry

    Curry came down on his right ankle in an awkward way, and he went skipping past photographer's row and almost into the tunnel. That was not the case Friday night when the Dubs traveled to Portland to play the scorching-hot Trail Blazers.
  • Singer wows 'Idol' judges: Hickory's Johnny White headed for Hollywood

    Singer wows 'Idol' judges: Hickory's Johnny White headed for Hollywood

    She kept silent while Perry went on a press tour for " Swish Swish " and her album " Witness ". Fans are accusing Katy of reigniting the war between her and Taylor.
    President Jokowi arrives in Sydney

    President Jokowi arrives in Sydney

    Brunei, Malaysia, Vietnam, the Philippines, all of which are members of ASEAN , and Taiwan also have claims in the sea. Australia and ASEAN have been close partners since the inception of the regional body in 1967.
    Construction sees best month of job growth since March 2007

    Construction sees best month of job growth since March 2007

    The January year-over-year wage increase originally was reported as 2.9 percent, an uptick that fueled fears of higher inflation. Franchise employment rose by 24,700 jobs in February, including 1,500 in auto parts and dealers, according to ADP.
  • 'Black Panther' buries 'Tomb Raider,' spends 5th week at number one

    'Black Panther' buries 'Tomb Raider,' spends 5th week at number one

    Black Panther and Tomb Raider will next go up against the Pacific Rim sequel which is tracking in the low $20M range. The Marvel movie becomes the first film to top the box office for five straight weeks since " Avatar " in 2009.
    Poole's buzzer-beating 3-pointer lifts MI  over Houston 64-63

    Poole's buzzer-beating 3-pointer lifts MI over Houston 64-63

    Devin Davis had a chance to seal the win for the No. 6 seed Cougars, but he missed a pair of foul shots with 3.6 seconds left. MI trailed 63-61 in the final minute, and that could have been even a wider lead if the Cougars had hit some foul shots.
    Cardinals Expected To Release Adrian Peterson

    Cardinals Expected To Release Adrian Peterson

    Minnesota declined to pick up Peterson's option for the 2017 season and he signed a two-year contract with the Saints last April. Obviously, Cowboys fans are likely hoping Dallas is close enough to home for Peterson to consider any offer from Jerry Jones.
  • Crimea votes for first time in Russian elections

    Crimea votes for first time in Russian elections

    Ukrainian authorities explained their decision by Russia's plans to organize the electoral process in Crimea, which Kiev considers an occupied territory.
    What to expect from the 'American Idol' premiere

    What to expect from the 'American Idol' premiere

    Which is amusing , because I'm betting at least some of those people learned that style from watching the original American Idol . Cute little viral "moments" may inspire short-term chatter, but compelling, magical stories are what make shows like this matter.
    West Ham Manager Opens Up On Andre Ayew's Departure

    West Ham Manager Opens Up On Andre Ayew's Departure

    As for the game itself, Moyes felt West Ham paid the price for not taking their chances when they were on top in the first half. It took only 8 minutes for West Ham to fall behind in this game after which they rarely threatened to get back on even terms.

CONNECT