Published: Wed, March 21, 2018
Global Media | By Garry Long

China's Congress names key economic and defense officials in cabinet reshuffle

China's Congress names key economic and defense officials in cabinet reshuffle

The question of whether to stay the course on deleveraging or give in and loosen policy to support growth will be answered by politicians with more influence than Yi, such as Liu He and Wang Qishan, as well as President Xi himself, Evans-Pritchard noted.

"There will be a series of reform and opening policies and measures to come", Yi said, according to the central bank's news outlet Financial News.

Yi is a vice governor of PBOC and a protege of outgoing chief Zhou Xiaochuan.

He is also expected to promote reforms including financial liberalization and internationalization of yuan.

Beijing is merging its banking and insurance regulators to better manage its battle against financial risks, giving new powers to policymaking bodies such as the central bank, and creating new ministries as Xi begins his second five-year term as president.

It was one of a raft of appointments as the annual sitting of China's rubber-stamp parliament, the National People's Congress, draws to a close. He also has a degree in business administration from Hamline University in Minnesota.

Yi reflected on the cause of U.S.' sub-prime mortgage crisis in a 2008 article, suggesting that the "monetary authorities should be in search of an effective approach to prevent the spread of crisis and the moral hazard, and in the meantime ensure the market's price discovery and market clearing functions are at their maximum efficiency".

Turkey Captures North Syrian Kurdish City of Afrin
Turkish President Erdogan talked up the victory, and claimed most of the Kurdish "terrorists" had actually fled the invasion. He added, "We will have to take necessary steps to rebuild Afrin, raise infrastructure and wipe out traces of terrorists".

The most important task is to implement prudent monetary policy and push forward the reform and opening-up of the financial sector, Yi told reporters in Beijing.

"Frankly speaking, (Yi's nomination is) a bit unexpected as he holds a relatively low political ranking as the alternative member of CPC Central Committee", said Tommy Xie, China economist at OCBC Bank in Singapore. "Both are the main driver to China's reform in the past few years", Xie said.

Yi received his doctorate in economics from the University of IL, while Liu has a master's degree in public administration from Harvard University's Kennedy School of Government.

He was head of the State Administration of Foreign Exchange for more than six years from 2009, where he was in charge of issues including the reform of China's foreign exchange system and diversification of investments of the country's growing foreign exchange reserves.

Liu Kun, a former vice finance minister, has been nominated to replace Xiao Jie as finance minister, parliament delegates said. Liu was formerly a vice finance minister.

While at the PBOC, Yi called for further internationalisation of China's currency and greater market access for foreign investors. He Lifeng was also re-elected as the head of NDRC.

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