Yi Gang Picked to Take Helm of People’s Bank of China

American-trained economist has long pushed for pro-market overhauls

Yi Gang

Chinese President Xi Jinping has picked an American-trained economist who has long pushed for pro-market overhauls to take the helm of the central bank, according to people with knowledge of the matter.

Yi Gang, currently a vice governor at the central bank, is being slated to take over from his mentor Zhou Xiaochuan, who has run the People’s Bank of China for a decade and a half.

Yi’s nomination was reviewed by nearly the 3000 delegates to the National People’s Congress on Sunday afternoon March 18, 2018, according to the people. The rubber-stamp legislature is set to approve his appointment when it reconvenes Monday morning, March 19, 2017

The changing of the guard at the central bank—part of a broad reshuffle of party and government posts following last fall’s inauguration of a new Communist Party leadership—is a key component in Xi’s effort to shape an economic team, which now mostly consists of his trusted allies.