China's central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said.
The potential retirement in early 2023 of Yi, 64, has been the subject of intense speculation as he nears the official retirement age of 65 for minister-level officials. Some policy insiders and advisers had suggested Yi's tenure might be extended, as was the case with his predecessor, Zhou Xiaochuan.
"Yi's departure looks inevitable," said a policy insider. "The pro-reform camp is almost out at the party congress."lists means he is almost certain to step down at the annual parliament meeting in March, sources said.The looming reshuffle comes as the PBOC seeks to bolster the COVID-ravaged economy while avoiding aggressive loosening that could fuel capital flight, as the Federal Reserve and other central banks raise interest rates to fight soaring inflation.
Yin, 53, who holds a doctorate in engineering from Tsinghua University and a master's degree in public administration from Harvard University, was elected as a full member of the Central Committee during the party congress. Other sources described Yin as well-positioned to replace Yi, given his status as a rising star and his previous experience at the central bank, the foreign exchange regulator and Beijing government.
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