Caixin
Dec 27, 2016 07:39 PM
ECONOMY

State Council Names New Central Bank Vice Governor

(Beijing) — The State Council has promoted People’s Bank of China Assistant Governor Yin Yong, a former longtime foreign-exchange head, to one of the five vice governorships of the central bank.

Yin, 46, will replace 60-year-old Guo Qingping, according to a statement released Tuesday on the website of the Ministry of Human Resources and Social Security.

Yin, who holds a master’s degree in public administration from Harvard University, started work at the Investment Center of the State Administration of Foreign Exchange (SAFE) in 1996.

He became vice director of the administration’s Reserves Management Department in July 2002, and in August 2007 became head of the SAFE Investment Center. In August 2015, he was promoted to assistant governor of the central bank.

As a leader of the world’s largest asset management institution, Yin has gained valuable experience in a highly demanding role. His promotion to vice governor of the central bank is considered official recognition of his performance.

Yin witnessed China’s foreign exchange reserves rise from $300 billion in 2003 to $4 trillion in 2014. Now they have shrunk to about $3 trillion, posing new challenges for the central bank.

The government also announced on Tuesday that it had appointed Liu Guoqiang, an official from the Communist Party’s Central Leading Group for Financial and Economic Affairs, as an assistant governor of the central bank.

Liu, chief of the group’s First Bureau of the Economy, has been involved in drafting documents of the central government’s annual economic work conferences that set the direction for the following years.

The government stated on Tuesday that former central bank Assistant Governor Yang Ziqiang had been removed from his post. Yang received a warning from the party’s Central Disciplinary Inspection Commission in September for using 14,000 yuan ($2,000) of public money for personal purposes.

Contact reporter Wu Gang (gangwu@caixin.com)

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