Yi Gang, an American-trained economist with pro-market sympathies, has been selected as new governor of China’s central bank, sources told the Wall Street Journal.
Yi previously served as vice governor under the mentorship of outgoing governor Zhou Xiaochuan, who has held the past for over 15 years. His election will be approved at the reconvening of the National People’s Congress on Monday morning, following review by nearly 3,000 delegates.
The appointment is in complement with other changes in the government’s leadership structure. Liu He, top economic adviser of President Xi and fellow proponent of greater market liberalisation is expected to receive a promotion to vice premier on Monday. Liu’s new responsibilities will include close collaboration with the central bank and other financial regulators.
“Liu and Yi have a shared understanding of the need for financial market reforms and liberalisation, coupled with more effective regulation,” said Eswar Prasad, former China head for the International Monetary Fund.