China may replace central bank Governor Zhou Xiaochuan as part of wider personnel changes as President Xi Jinping places allies in top government positions, the Wall Street Journal reported today.
The top candidate to succeed Zhou is Guo Shuqing, governor of eastern China’s Shandong province, the newspaper reported, citing unidentified Communist Party officials. Guo “unexpectedly and unusually” attended a monthly meeting convened by the secretariat of the People’s Bank of China’s monetary-policy committee on Sept. 16, it said, citing central bank officials and advisers.
Zhou, 66, had his tenure as PBOC governor extended last year even as he passed retirement age. He led the central bank through the global financial crisis and oversaw exchange-rate reforms in July 2005 that paved the way for the yuan to rise more than 30 percent against the U.S. dollar. He also expanded the bond market, gave banks more freedom to set lending and deposit rates and loosened controls over the yuan’s use in international trade and investment.
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