China appoints US-trained economist head of central bank

Zhou Xiaochuan, Governor of the People's Bank of China, attends a news conference on the sidelines of China's National People's Congress (NPC) in Beijing, China, in this March 9, 2018 photo. (REUTERS)

BEIJING: China’s leadership has appointed a US-trained economist to succeed the longtime governor of its central bank, Zhou Xiaochuan, at a time when the ruling Communist Party is trying to reduce financial risks and surging debt.
The ceremonial Chinese legislature on Monday approved the appointment of Yi Gang, a veteran deputy central banker, to lead the People’s Bank of China.
Yi, 60, received his Ph.D. from the University of Illinois and taught at Indiana University.
His predecessor, Zhou, has been central bank governor for 15 years and is the most prominent Chinese figure in global financial circles.
Zhou warned in October that rising debt could have a “severe impact” on the economy but said last week regulators believed they had debt under control.