Yi Gang, a U.S.-trained economist, will lead the People’s Bank of China, replacing longtime governor Zhou Xiaochuan. Yi’s appointment was approved Monday by the National People’s Congress. Zhou led China’s central bank for 15 years. Yi, 60, has a Ph.D. from the University of Illinois and taught at the University of Indiana. He is a veteran central banker and is known for pushing pro-market overhauls for the world’s second-largest economy. President Xi Jinping also promoted economic adviser Liu He to vice premier. The shakeup of Xi’s economic team comes amid a power consolidation allowing Xi to remain in office indefinitely.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News