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US-educated Yi Gang becomes head of China’s central bank

Mr Yi joined the People’s Bank of China (PBOC) 20 years ago and has been its deputy governor since 2008.

His appointment is being seen as one of ensured continuity as Beijing continues to try and rein in growing debt and limit risky financial practices.

The announcement was made on the second-last day of the annual sitting of the National People’s Congress.

Mr Yi will take over a central bank tasked with the ongoing reform of China’s financial landscape, including encouraging foreign investment into the financial markets, and monetary policy reform.