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The People’s Bank of China did not immediately respond to a request for comment.

PBOC devastated by COVID-19 while avoiding aggressive easing that could encourage capital flight as the Federal Reserve and other central banks hike interest rates to combat skyrocketing inflation An imminent remodel is taking place as we try to bolster our economy.

Sources close to the central bank say Yin Yong, deputy leader of the capital Beijing, who served as deputy governor of the central bank from 2016 to 2018, is a leading candidate to replace Yi.

Yun, 53, who holds a doctorate in engineering from Tsinghua University and a master’s degree in public administration from Harvard University, was elected a full member of the Central Committee at the Party Congress.

“Yin Yong will likely replace the Yi Gang,” said a source close to the PBOC, who spoke on condition of anonymity.

Other sources say Yin is well positioned to replace Li given his rising star status and experience at the central bank, foreign exchange regulator and Beijing government.

Li, who has been president of the PBOC since 2018, is one of China’s highest-ranked “sea turtles,” a term used to refer to Chinese returning from abroad. He holds a PhD in Economics from the University of Illinois.

The PBOC has been conducting a management review in recent weeks. Xuan Changneng was appointed as the central bank’s deputy governor on Thursday.

China faces its biggest economic leadership overhaul in a decade, with a generation of reform-minded policymakers expected to step down amid deteriorating growth prospects. China central bank governor likely to resign amid restructuring: sources

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