China names Pan Gongsheng to lead central bank, succeeding Yi Gang

BEIJING (AP) — China’s ceremonial legislation has endorsed the promotion of Pan Gongsheng to serve as central bank governor. The widely anticipated announcement was the final major appointment of the ruling Communist Party’s once-a-decade change of power. Pan is a deputy central bank governor and veteran of China’s state-owned banking industry. He succeeds Yi Gang, an American-trained economist who held the post for five years. The announcement of Pan’s promotion by the National People’s Congress follows other Cabinet-level appointments in March. The governor of the People’s Bank of China is the most prominent Chinese figure in finance circles.