China renews term of central bank director

BEIJING (AP) — China reassigned Yi Gang as head of its central bank on Sunday in a bid to present the image of continuity to businesspeople and investors, as other financial positions shift in a period uncertainty for the world’s second largest economy. .

Yi, whose official title is governor of the People’s Bank of China, plays no role in setting monetary policy, unlike his counterparts in other countries. Its official functions are to “implement monetary policy”, that is to say to apply the decisions taken by an executive committee whose members are secret.

But the central bank chief acts as a mouthpiece for monetary policy, is China’s most prominent figure in global finance and is responsible for reassuring investors and bankers as the Chinese economy emerges from a slump. sluggish economic growth.

Opening the annual session of the National People’s Congress on March 5, China announced its intention to revive the consumption-based economy, setting an economic growth target of “around 5%” for this year.

Last year, economic growth fell to 3%, the second-lowest figure since at least the 1970s, putting pressure on President Xi Jinping to boost the economy.

Yi is a veteran of monetary policy departments. He was first appointed chairman of the People’s Bank of China in March 2018, replacing the highly respected Zhou Xiaochuan.