China has appointed Yi Gang as the new head of People’s Bank of China.
The position was run by Zhou Xiaochuan for more than a decade, who is now set to retire at the age of 70.
He steered the institution through global financial crisis during his 15-year term.
The new leadership is said to come at a time of heightened awareness of the risks facing the economy, from a broader trade-war with the U.S. to a long-feared financial blow-up.
The appointment of Gang falls part of the country’s new economic team as President Xi Jinping kicks off his second term.
Sources : www.cnbs.com