China’s central bank to have new head
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.