PBOC Retains Zhou Xiao Chuan as Governor

In a sign that China’s new leaders will further move toward making its financial system more market driven, the country kept its central bank governor, Zhou Xiaochuan, in the post he has held for a decade, according to media reports Saturday.

The National People’s Congress extended the 65-year-old Zhou’s record tenure as it assembled a new economic team under Premier Li Keqiang, who replaced Wen Jiabao on Friday, Bloomberg News reported.

The reappointment of Zhou would provide stability to an economy that’s faced with increased shadow-banking risks and monetary policy changes, Bloomberg News reported, noting that central banks in Japan, the U.K. and Canada are all getting new chiefs this year.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.