‘China’s Alan Greenspan’ steps down as central bank chief after more than 15 years at the helm
Zhou Xiaochuan’s departure is confirmed as his deputy Yi Gang takes over as head of People’s Bank of China
Zhou Xiaochuan, the governor of China’s central bank for more than 15 years, has officially retired from his office, ending an extraordinary long central banking career in which he became known as “China’s Alan Greenspan”.
Zhou, 70, has been credited for freeing up interest rates at home and earning the yuan a nominal reserve currency status abroad.
But he has also been criticised for allowing the Chinese government’s massive stimulus to create a mountain of debt and for letting financial risks accumulate – leaving a major headache for his successor and the country’s new leadership team.
When China’s National People’s Congress delegates were discussing the new government line-up in Beijing, Zhou was on the other side of the world, attending a Bank of International Settlement conference in Argentina.
At his last press conference as China’s central bank chief earlier this month, Zhou said: “I feel honoured to have worked with all of you to push forward China’s financial reform and opening up. I feel very honoured.”
His former deputy Yi Gang has now been confirmed as the new governor of the People’s Bank of China.
