While most of the personnel changes on the economic team were widely anticipated, the choice of Yi Gang to take over as the new head of the People's Bank of China (PBOC) was unexpected. As Xi begins his second five-year term as president, Beijing is streamlining regulators and ministries to cut inefficiencies while expanding the remit of others such as the central bank to boost their policymaking powers. "In terms of implication, we see policy continuation as Yi will support Liu He to drive economic reform. Zhou, 70, who is China's longest-running central bank head, having taken the job in 2002, is expected to announce his retirement soon. Separately, Liu Kun, head of the budget office of parliament, was elected to be the new finance minister, replacing Xiao Jie.

Source: dna March 19, 2018 05:29 UTC