China’s parliament is to name US-educated economist Yi Gang as the country’s new central bank chief, ensuring policy continuity as Beijing moves aggressively to control risk in its financial system.
Mr Yi, who has served as deputy governor of the People’s Bank of China since 2008 will replace governor Zhou Xiaochuan, three people briefed on his appointment have confirmed. Mr Zhou is set to retire this year after a record 15-year tenure.
After a decade of heavy credit stimulus used to maintain fast growth, President Xi Jinping has declared a “new era” in which growth quality and risk control should take precedence over quantitative growth targets.
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