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Pan Gongsheng Appointed as China's New Central Bank Governor to Prioritize Safety

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Source: The New York Times
Pan Gongsheng Appointed as China's New Central Bank Governor to Prioritize Safety
Photo: The New York Times
TL;DR

Pan Gongsheng, who previously oversaw China's $3 trillion in foreign currency reserves, has been named the governor of the People's Bank of China. This appointment comes at a critical time for China as its economic recovery falters, its banking system faces bad loans, and its currency weakens. Pan's previous experience in stabilizing the renminbi during a currency plunge in 2016 may prove valuable in his new role. However, his lack of political backing within the Communist Party may pose challenges.

Topics:businessfinance#chinese-economy#currency-stabilization#finance#foreign-currency-reserves#pan-gongsheng#peoples-bank-of-china
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  1. Pan Gongsheng Named Head of Chinese Central Bank  The New York Times
  2. China Names Pan Gongsheng as New Central Bank Governor to Revive Economy  Bloomberg
  3. China names new central bank governor as twice-a-decade finance conference nears  South China Morning Post
  4. China names Pan Gongsheng to lead central bank, succeeding Yi Gang  The Washington Post
  5. Safety first in China under new central bank governor  Reuters
  6. View Full Coverage on Google News

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