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Yi Gang is new governor of People’s Bank of China

China has appointed Yi Gang as the governor of the People’s Bank of China. He has been the longest serving deputy governor of the central bank, with deep international links. He is expected to be in the forefront of efforts to clean up the country’s financial sector and modernize monetary policy. The National People’s Congress voted to approve President Xi Jinping’s choice for governor. Yi has served as No. 2 to incumbent governor Zhou Xiaochuan for more than a decade. Zhou, 70, is set to retire after having steered the institution through the global financial crisis, overhauled monetary policy tools and overseen the elevation of the yuan to reserve-currency status during his record 15-year term. Yi, 60, inherits an institution that faces several complex challenges, including the much-needed clean-up without impacting the economy that is showing signs of a downward spiral.

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