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China unexpectedly retains Yi Gang as central bank governor

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Bloomberg | | Posted by Nisha Anand

China retained several of its top economic officials, including central bank Governor Yi Gang, in a surprise move as it looks to navigate the post-Covid recovery.

Yi, 65, will remain as the head of the People’s Bank of China, according to a list of names nominated to the National People’s Congress — the annual parliamentary gathering — on Sunday. Liu Kun was retained as finance minister, while Wang Wentao will also stay on as commerce minister.

Also Read: China’s Xi Jinping says better use of defence resources needed ‘to win wars’

He Lifeng, 68, a long-time Xi associate and former head of the nation’s economic planning agency, was named vice premier — a post widely expected to put him in charge of economic policy.

Yi was expected to step down, having reached the retirement age for ministers and after being left off a list of top ruling party officials last year.

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