Yi Gang becomes head of central bank of China
According to the reports, the American educated economist Yi Gang has became the next governor of the central bank of China, by replacing Zhou Xiaochuan. About 20 years ago, he joined the people’s bank of China and since the year 2008, he has been the deputy governor of the China’s bank.
Mr. Yi appointment is seen as one of the most ensuring person as Beijing continues to try as well as relay in the fast growing debt & limited risky financial practices.
The declaration was given on the 2nd day of the year-wise sitting of the National People’s congress. He will incorporate a head position of a central bank with the ongoing improvement of financial landscape of China like uplifting foreign investment into the monetary policy regain and financial markets.
But it’s also reported that Yi Gang will take over a bank with all new powers.
Last week, the NPC stated that, the central bank of China would have raised control on developing new laws & regulations for the insurance & banking sectors.
Yi Gang is likely to become head of China's central bank
It was also said that a newly created banking as well as insurance super regulator, made out of a fusion between the China’s insurance regulatory commission and the Banking regulatory commission. They would look out the whole China’s banking & insurance field.
The improvement in the banking & financial regulatory systems will capture the People’s bank of China become one of the extremely powerful bodies in the nation.
However, unlike the USA & other big democracies, the Central bank of China doesn’t work separately of the government.
At the start of this month, the China finalized the removal of 2nd term limit on the presidency by allowing XI Jinping to stay in power for life.