China’s ruling party is planning to keep Zhou Xiaochuan as central bank governor as it prepares for the broadest shuffle of government leadership in five years, according to a person with direct knowledge of the discussions.
Zhou will remain head of the People’s Bank of China, according to the person, who asked not to be named as the talks are private. The move contrasts with forecasts after he was left off the Communist Party’s revamped Central Committee member list in November, and comes ahead of an annual meeting of the nation’s legislature, when party boss Xi Jinping is projected to become president, and Li Keqiang premier.
The party usually reassigns officials including cabinet ministers and chiefs of state-owned companies every five years, with next month’s meeting part of a broader once-a-decade leadership transition to a new generation of party officials. Retaining Zhou, 65, would provide stability at a time when the PBOC is grappling with rising risks from shadow banking and changing how it conducts monetary policy.
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