China Central Bank Gets First New Governor in 15 Years
03:46, Mar 21, 2018
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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.
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