Xi Jinping retains China’s central bank head in boost to markets

Xi Jinping has kept the country’s central bank governor Yi Gang in his post and retained his finance and commerce ministers, as the Chinese president defied expectations of a large-scale overhaul of his cabinet.

March 12, 2023 . 9:07 AM

1 min read

Xi Jinping has kept the country’s central bank governor Yi Gang in his post and retained his finance and commerce ministers.
Most important was the nomination of a senior Xi associate He Lifeng, the former head of the planning agency, as vice-premier.
Analysts said the retention of Yi, a respected technocrat, would send a positive signal to markets as Beijing prepared to transfer some of the central bank’s regulatory functions to the state financial regulatory commission.
Xi also retained Ma Xiaowei as minister of the National Health Commission, a critical post when China pursued its zero-Covid strategy last year.
The Sunday appointments did not include the party chiefs of ministries or regulatory agencies.