China appoints US-trained economist head of central bank

US-educated Yi Gang becomes head of China's central bank

China forms new economic team as President Xi kicks off second term

"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.

An economist, Yi spent 14 years in the United States completing his doctorate at the University of IL and teaching at Indiana University, experience that puts him at ease when it comes to able mingling with foreign central bank and economic officials who were accustomed to the engaging Zhou.

Some analysts have questioned China's commitment to market reforms, with Xi poised to rule indefinitely after parliament this month ditched presidential term limits, and as the ruling Communist Party tightens its control, including a more centralized financial regulatory oversight structure.

Yi had been a vice governor of PBOC and a protégé of outgoing chief Zhou Xiaochuan.

According to Chen, China's leadership now believes that financial liberalization has moved too quickly.

The PBOC and other regulators are trying to rein in risks from an increasingly complex financial system and a rapid build-up in debt without jolting markets or hurting economic growth.

Apple Developing Its Own Displays
Bloomberg has reported that Apple is designing and manufacturing prototype microLED screens at its secret facility in California. The backplanes, an underlying component that electronically powers the displays , are developed at the Taiwan facility.

In an article in a central bank publication in January, Yi wrote that the bank would work to improve its use of monetary policy and macro-prudential tools to reduce systematic risk and maintain financial stability.

Zhou, 70, who is China's longest-running central bank head, having taken the job in 2002, is expected to retire soon. It will continue President Xi's campaign against corruption, with a far more wide-reaching mandate.

He was endorsed by delegates who had gathered for the annual session of the National People's Congress (NPC), China's parliament. Liu Kun, director in charge of budget matters for the NPC, will be the new finance minister.

Yi, 60, is well known to foreign investors and foreign regulators as head of China's foreign exchange regulator.

"The bottom line is, as the world's largest economies, China's and America's interests are deeply entwined", Wang Yi told reporters on March 9.

FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014.

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