President Xi Jinping opted for a measure of continuity in key financial policymaking posts after putting in shut confidant Li as premier, to exchange the retiring Li Keqiang.
Yi, appointed as PBOC governor in 2018, had broadly been anticipated to retire after being left off the ruling Communist Social gathering’s Central Committee in the course of the occasion’s once-in-five-years congress in October.
Sources had mentioned Zhu Hexin was prone to succeed the U.S.-educated Yi as head of the central financial institution.
As anticipated, Wang Wentao was nominated to remain on as minister of commerce.
Zheng Shanjie, governor and deputy occasion secretary of Zhejiang province, was nominated to take over as head of the Nationwide Growth and Reform Fee, the highly effective state planner.