In China a new Central Bank Chief is named


Yi Gang will be the new Central Bank Chief in China. He is of American education and will replace Zhou Xiaochuan that has served as chief for 15 years.

The move signals that Beijing will continue with its ambitious financial shake-up that Mr. Zhou began. Mr. Yi will not carry the same clout as his predecessor, he will need to build it gradually, but also because his boss Liu He is a longtime economic adviser to president Xi Jinping.

Mr. Liu is expected to be named one of four vice premiers overviewing the financial sector and also industrial policy. The post was held for five years by Ma Kai that was involved with a lot of state-owned enterprises.

Regardless it looks like that Mr. Liu will play a much bigger role than his predecessor Ma Kai.


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