“China Signals Stability with Surprise Decision to Keep PBOC Governor”

From Bloomberg yesterday:

China reappointed a number of high financial officers in a management reshuffle on Sunday, providing traders better continuity as Beijing overhauls monetary rules and grapples with escalating tensions with the US.

The Governor of the Folks’s Financial institution of China, Yi Gang, 65, will stay in his put up, as will the Ministers of Finance and Commerce. He Lifeng, an in depth ally of President Xi Jinping, was named vice premier, signaling he may exchange Liu He because the nation’s high financial official.

The retention of Yi and others – introduced on the Nationwide Folks’s Congress, the annual parliamentary gathering – stunned analysts who anticipated an even bigger reshuffle. Many predicted officers with worldwide expertise, just like the PBOC governor, would get replaced by males with nearer private ties to Xi however much less acquainted to international traders.

Maintaining a part of the present financial staff in place supplies continuity as Beijing creates a strong new monetary regulator and faces a extra hostile geopolitical surroundings.

“Having key technocrats keep ought to reassure the market and scale back the chance of errors in coverage implementation,” mentioned Qian Wang, chief economist for Asia-Pacific at Vanguard Group Inc.

Hope. Record of who holds which positions, here. And right here is the organizational chart (names to replace), of GS:

Supply: GS, October 11, 2022

Observe that Li Keqiang is changed as Prime Minister by Li Qiang, and that He Lifeng of the NRDC turns into Deputy Prime Minister. Zheng Shanjie takes over as head of the NRDC, whereas the heads of the finance and commerce ministries stay the identical.