China’s cen­tral bank to have new head

Banking Frontiers - - Regulator -

China is ex­pected to have a new head for its cen­tral bank. Zhou Xiaochuan, cur­rently head­ing the Peo­ple’s Bank of China is ex­pected to re­tire and the Chi­nese gov­ern­ment is look­ing for a suc­ces­sor. Zhou, 69, had been at the helm of the cen­tral bank for 15 years and he is ac­knowl­edged for his work in end­ing the di­rect link be­tween China’s yuan and the dol­lar al­low­ing mar­ket forces to play a greater role in set­ting the value of the cur­rency. He had worked un­dre 3 Chi­nese pres­i­dents and along­side 3 US Fed­eral Re­serve gov­er­nors. China’s cen­tral bank does not have full au­ton­omy to de­cide pol­icy. It is the State Coun­cil, the coun­try’s high­est ex­ec­u­tive body, which has the fi­nal say.

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