China appoints Yi Gang as its new central bank chief

NPC 2018: China President Xi Jinping's key economic adviser Liu He nominated as a vice-premier

NPC 2018: China President Xi Jinping's key economic adviser Liu He nominated as a vice-premier

Zhou, who is retiring after a record 15 years in the post, is the most prominent Chinese figure in global finance.

China has promoted Deputy-Governor Yi Gang to lead the People's Bank of China, a move that is seen to signal continuity in the country's financial reforms.

The WSJ said the nomination of Yi, who is now deputy to incumbent central bank governor Zhou Xiaochuan was reviewed by the almost 3,000 delegates attending the National People's Congress on Sunday afternoon.

In his new role as head of the central bank he will work with Liu He, who is nominated as vice-premier on tackling financial risk in the economy, which is one of President Xi Jinping's top priorities.

Foreign Minister Wang Yi's promotion to state councilor-a cabinet title just below vice premier-made him China's highest-ranking foreign minister in two decades.

Liu travelled to Washington earlier this month and met USA officials at the White House, but his trip has not stopped Trump from considering new trade measures against China.

After being appointed, Yi said that the "main task is that we should implement prudent monetary policy, push forward the reform and opening-up of the financial sector, and maintain the stability of the entire financial sector." a href="https://www.ethnews.com/pboc-governor-digital-currency-could-replace-cash-in-china" target="_blank" *Zhou Xiaochuan, his predecessor in the role. He said a year ago that a lack of outside competition could lead to "laziness" in the financial sector. Its responsibilities include setting interest rates and regulating China's huge financial sector.

The NPC ends with a news conference in the Great Hall of the People on Tuesday.

Jim Carrey slammed online for alleged Sarah Sanders caricature
On Monday morning, he tweeted a link to a "Fox and Friends" story about the painting and added his own commentary. It's not all angry work, though, he also painted a portrait of Professor Stephen Hawking, who died last week.

"China is facing new challenges and the room for growth is smaller", said Hu in a report.

He received Ph.D in Economics from University of IL before joining as assistant professor at the Indiana University.

"The PBOC is in a very hard position, because if it's trying to deleverage in any significant ways that's going to put an enormous amount of financial stress", said Christopher Balding, a Peking University economics professor.

Relations with the United States are also among the first challenges Yi and Liu are likely to face.

Both policies will be felt in China and may force responses from its central bank.

Mr Xi will also call upon the Harvard-educated Liu for advice on overall economic policy direction, with a focus on trimming debt as well as modernisation and reform of the financial sector.

The country's foreign minister, Wang Yi, was also promoted to state councillor, making him a ranking member of the cabinet with more influence on global policy.

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