BEIJING: Yi Gang's surprise re-appointment as China's central bank governor on Sunday (Mar 12) means a pro-market mind of high international stature will continue to represent the world's second-largest economy on the global stage. Yi, 65, was widely expected to retire as President Xi Jinping installs clos
BEIJING: Yi Gang's surprise re-appointment as China's central bank governor on Sunday means a pro-market mind of high international stature will continue to represent the world's second-largest economy on the global stage.
The PBOC governor has high global exposure through institutions such as the Group of 20, the International Monetary Fund, the World Bank and others. Yi reached retirement age and was expected to be replaced after he was dropped out of the Communist Party's Central Committee in October. Veteran Chinese banker Zhu Hexin, who heads the state-owned CITIC conglomerate, was seen as the leading candidate for the top PBOC post.
The 2015 reform led to a wave of capital flight and currency depreciation and China has focused on sealing, rather than opening, its capital account since.Still, China's debt has risen at a faster pace than its economy in recent decades and is now almost three times as large. Under Yi, the central bank has cut the reserve ratio 14 times since early 2018, pumping more than 10 trillion yuan into the economy.
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