Pan Gongsheng named PBOC Governor, replacing Yi Gang

 

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Less than a month after being named party chief of China’s central bank, Pan Gongsheng is named governor of the PBOC, replacing Yi Gang, 65, who held the post since 2018. 

Pan has become a key member in President Xi Jinping’s third term as leadership eyes a steady post-pandemic recovery with low inflation and measures taken to guard against a variety of financial risks.

Pan, who had been at the helm of the State Administration of Foreign Exchange since 2016, was named party chief of the PBOC on July 1 and was widely expected to take Yi’s place as governor. 

Before being formally named governor of the PBOC on Tuesday, Pan had already taken on some of the responsibilities while serving in the de facto role. He met his Japanese and South Korean counterparts in Japan on Sunday and also attended the Executives’ Meeting of East Asia-Pacific Central Banks the following day.