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Chinese Central Bank’s Departing Chief Leaves a Legacy of Reform – and Debt

  • Ties in global finance helped to connect China with the world
  • Years of financial repression saw corporate debt levels surge
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Independent Economist Andy Xie discusses China’s appointment of Yi Gang as its next central bank governor.(Source: Bloomberg)

After a record 15-year tenure in which he steered the nation through global crises, overhauled monetary policy tools and oversaw the elevation of the yuan to reserve-currency status, People’s Bank of China Governor Zhou Xiaochuan is riding into the sunset.

Zhou, 70, will hand the reins to his longtime deputy, Yi Gang, 60, leaving him to continue opening financial markets and capital borders and reducing risk after years of soaring debt.