China has appointed economist Pan Gongsheng, who studied at Cambridge University and Harvard University, as the new Communist Party chief at the People’s Bank of China (PBOC). This unexpected move comes as Beijing aims to address the country’s economic slowdown and stabilize its currency. Pan, currently serving as the deputy governor of the PBOC and head of China’s foreign exchange regulator, is likely to become the PBOC governor. The decision was made just days before US Treasury Secretary Janet Yellen’s visit to Beijing and follows a series of discouraging economic data that has led to the decline of the yuan. Pan’s elevation to this key position has surprised observers, as he was not appointed to the Communist Party’s Central Committee during the last Congress. This move suggests that President Xi Jinping is particularly concerned about China’s economy. Pan’s international background and ability to collaborate with other central bank governors were factors in his promotion. The visit of Janet Yellen to Beijing is part of the Biden administration’s efforts to enhance communication between the US and China. Pan Gongsheng, known for his role in the stock market listings of major state-owned banks, holds a doctorate in economics and has nearly two decades of experience in the banking sector. With his expertise and international exposure, Pan’s appointment reflects China’s focus on addressing economic challenges and maintaining stability in the face of global uncertainties.
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