China Promotes Yin Yong to Deputy Governor of Central Bank

  • Yin was director of SAFE’s investment center from 2007 to 2015
  • State Council says Deputy Governor Guo Qingping will step down

China promoted Yin Yong to deputy governor of the central bank from assistant governor and named Liu Guoqiang as an assistant governor of the monetary authority.

People’s Bank of China Deputy Governor Guo Qingping and assistant governor Yang Ziqiang will step down, according to a statement released Tuesday on the State Council’s website without giving further details.

Yin worked for nearly two decades at the State Administration of Foreign Exchange, which executes currency policy, before becoming an assistant governor last year, according to the central bank’s website. As director of SAFE’s investment center from 2007 to 2015, Yin oversaw the nation’s foreign reserves during a period in which they more than doubled to become the world’s largest stockpile and reached a record $4 trillion.

Yin holds a master’s degree in public administration from Harvard University and an engineering Ph.D. from Tsinghua University, according to the PBOC.

— With assistance by Yinan Zhao, and Miao Han

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