China names new central bank governor as economy flags

BEIJING: China replaced its central bank chief today, state media said, as the world’s second largest economy struggles to revive flagging growth.

Pan previously headed China’s foreign exchange regulator, a position he had held since 2016, when China faced major capital flight.Pan, who attended top universities Cambridge in the UK and Harvard in the US, is reputed to be deeply experienced in Chinese banking and politics, having also worked at two major state-owned banks.

“This suggests Xi is more concerned about China’s economy than before the 20th Party Congress,” Thomas tweeted, referring to a key conclave last year where Beijing’s top leadership confirmed a third term in power for Xi. China said this month its economy grew 6.3% in the second quarter, much weaker than the 7.1% predicted in an AFP survey of analysts.

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