Update | Yi Gang nominated to head China's central bank

Yi Gang was appointed as the new governor of the People’s Bank of China (PBoC), China's central bank, after his nomination was approved by the first session of the 13th National People’s Congress on Monday.

Yi, 60, who has been the deputy governor of the central bank since 2007, will succeed his mentor Zhou Xiaochuan, China's longest serving central bank chief, who has been in the position for 15 years. The appointment signals the continuity of China's financial policies.

Below is the profile of Yi Gang:

Work experience

Yi joined the People’s Bank of China (PBOC) in 1997, and worked as head of the State Administration of Foreign Exchange (SAFE) between 2009 and 2016. He has served as a deputy governor of the central bank since 2007.

Education background

Yi studied at Peking University, Hamline University and the University of Illinois from 1978 to 1986, and has a BA in Business Administration from Hamline University and a PhD in Economics from the University of Illinois. Like his predecessor, Yi is a fluent English speaker.

Monetary policy

Concerning questions on whether China will follow the US Federal Reserve’s interest rate hike, Yi answered, “China’s monetary policy is mainly based on domestic economic and financial situation. We must take comprehensive considerations,” at a press conference of the central bank on March 9 on the sidelines of the 13th National People’s Congress.

Wider use of SDR

The use of the International Monetary Fund’s (IMF) artificial currency, known as Special Drawing Rights (SDR), may help countries temper the harm of foreign exchange fluctuations, and it is now more important than ever given economic uncertainties across the world, Yi said.

“If more and more people, companies and markets are using SDR as a unit of accounts, that would give it more advantages in the market,” Yi said, on the sidelines of IMF/World Bank Spring Meetings 2017.

(CGTN)