Yi Gang To Take Helm Of Central Bank: WSJ

Beijing has selected American-trained economist Yi Gang to become the country’s new central bank governor, the Wall Street Journal (WSJ) reported on Sunday, citing unnamed people with knowledge of the matter.

The WSJ said the nomination of Yi, who is currently deputy to incumbent central bank governor Zhou Xiaochuan was reviewed by the nearly 3,000 delegates attending the National People’s Congress on Sunday afternoon.

It said his appointment to the top post at the People’s Bank of China was set to be approved when the legislature reconvenes on Monday morning.

Zhou, the country’s longest-serving central bank head, said in October that he was likely to retire soon and sources with ties to the leadership had told Reuters that he was likely to do so around the time of the annual session of parliament. (Reuters)