China has named an economist to a key political post at its central bank that could position him to eventually replace governor Yi Gang.
Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China , in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. The announcement came just days before US Treasury Secretary Janet Yellen is expected to visit Beijing, and follows a series of downbeat economic data that has sent the yuan tumbling towards levels last seen 15 years ago.
Yellen will travel to Beijing later this week as part of ongoing efforts by the Biden administration to deepen communication between the United States and China, the Treasury Department announced Sunday evening. A seasoned financial regulator with some training in the West, Pan received his doctorate in economics from the Renmin University of China in 1993.
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