China has a new central bank governor.
Pan Gongsheng, who has managed the world’s largest foreign exchange reserves for seven years and was credited with arresting a slide in the value of the yuan currency in 2016, was appointed the governor of the People’s Bank of China (PBOC), according to a government statement late Tuesday.
He replaced Yi Gang, who took office in March 2018, when China’s longest-serving central banker Zhou Xiaochuan stepped down after a 15-year tenure.
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