CHINA-INTERNAL: PBoC

Less than a week after Yi Gang was appointed Governor of PBoC, Beijing unexpectedly placed Guo Shuqing, former head of the China Banking Regulatory Commission, as the Communist Party secretary at the central bank. With this position Guo Shuqing effectively becomes Chairman of the PBoC and Yi Gang as Governor and Chief Executive. Guo Shuqing and Yi  Gang have reputations as avid financial reformers who want to address China’s addiction to debt-fueled economic growth. Jan Svejnar, Director of the Center on Global Economic Governance at Columbia University, said that China’s rapid shake-up in top financial regulatory jobs indicated that the country’s leaders were determined to act on weaknesses in the financial system. He said “They are interested because they want to contain any problems that will arise.” Word of Guo Shuqing’s new role spread rapidly on March 24 at the China Development Forum.





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