Pan Gongsheng Named as China’s New Central Bank Governor

What’s new: Pan Gongsheng has been named governor of the People’s Bank of China (PBOC), replacing Yi Gang, according to the central bank’s website.

The appointment of Pan, Communist Party committee chief of the central bank, was approved at a Tuesday meeting of the Standing Committee of the National People’s Congress, China’s top legislature.

The background: Pan’s appointment as PBOC party committee chief on July 1 sparked speculation that he would become governor of the monetary authority.