So who’s really in charge at China’s central bank? New double-headed leadership team muddies the waters
New party secretary likely to have greater real power than the bank’s freshly appointed governor
China named a new Communist Party secretary for the country’s central bank on Monday, creating a puzzling double-headed leadership structure.
Veteran reformer Guo Shuqing, who was confirmed last week as the head of the China Banking and Insurance Regulatory Commission, will take the bank’s party secretary role – a position that makes him the real boss in areas such as personnel appointments within the central bank, according to its website.
The appointment of the 62-year-old is extraordinary because the People’s Bank of China has just been given a new governor following the confirmation that former deputy governor Yi Gang had been promoted following the retirement of Zhou Xiaochuan.
Zhou, who had been in charge for more than 15 years, was both the governor and party chief, making him the go-to person regarding monetary policy for his counterparts in the US Federal Reserve and European Central Bank.
According to the central bank’s website, Yi is the number one as he will be in charge of the bank’s day-to-day operations.
