Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » World
1-min read

China Names Reform-minded Yi Gang to Lead Central Bank

Yi, who taught at Indiana University before returning to China, was the only nominee for the governor post ahead of a vote by the rubber-stamp National People's Congress later Monday.

AFP

Updated:March 19, 2018, 8:53 AM IST
facebookTwitter Pocket whatsapp
China Names Reform-minded Yi Gang to Lead Central Bank
Yi Gang, deputy central bank governor of the People's Bank of China, attends a news conference in Beijing. (Photo: Reuters)

Beijing: US-educated Yi Gang, a reform-minded deputy governor of the People's Bank of China, was nominated on Monday to take over the reins of the central bank.

Yi, who taught at Indiana University before returning to China, was the only nominee for the governor post ahead of a vote by the rubber-stamp National People's Congress later Monday.

Another American-educated official, President Xi Jinping's top economic adviser Liu He, was nominated for a position as vice premier.

Both men speak fluent English and have pushed for economic reforms.

While at the PBOC, Yi called for further internationalisation of China's currency and greater market access for foreign investors.

At a press conference earlier in the annual parliamentary session, Yi said the central bank would work to push through reforms that will bring about "equal treatment for domestic and foreign investors."

A shakeup in China's bureaucracy announced last week will give the central bank more power to push through such reforms.

The bank was given the responsibility of drafting new laws and regulations for the banking and insurance sectors, giving the PBOC new authority over China's financial system.

An economic reformer, Yi studied in the US and earned a tenured position at at Indiana University before returning to China to take a position at Peking University.

From there he moved to the central bank and rose within its ranks under Zhou Xiaochuan, who has led the bank for more than a decade, providing stability for China's monetary policy.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ahona Sengupta
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results