China Appoints Us-trained Central Banker

BEIJING (AP) — A U.S.-trained economist was appointed Monday to succeed the longtime governor of China's central bank, Zhou Xiaochuan, at a time when the ruling Communist Party is trying to reduce financial risks and surging debt. The appointment of Yi Gang, a veteran deputy central banker, to head the People's Bank of China was in a slate of promotions approved by China's ceremonial legislature of finance and economic officials as President Xi Jinping tightens control over government. Also Monday, the National People's Congress endorsed the elevation of Liu He, Xi's economic adviser, to a post as vice premier, where he is expected to oversee economic reform. The ruling Communist Party is under pressure to control surging debt, defuse mounting trade tensions with Washington and Europe and make the cooling, state-dominated economy more productive.Read more on NewsOK.com