On July 25, Pan Gongsheng was appointed as the governor of China’s central bank, the People’s Bank of China, in a widely expected and significant appointment during the ruling Communist Party’s once-a-decade leadership change.
Mr. Pan, who previously served as a deputy central bank governor and has a long-standing career in China’s state-owned banking industry, takes over the position from Yi Gang, an economist trained in the United States, who held the role for five years. The promotion of Pan Gongsheng was endorsed by the National People’s Congress, the ceremonial legislature, and aligns with other Cabinet-level appointments announced in March.
While the central bank governor is a prominent figure in China’s financial circles, it is important to note that the post’s powers are limited. Nonetheless, the appointment holds significance in the context of China’s economic and financial landscape, and it reflects the continuity of leadership and policy direction in the country’s financial sector.
