China Appoints New Central Bank Leader Amid Economic Woes

Experts say it’s Xi Jinping’s act of emergency

Pan Gongsheng, deputy governor of People's Bank of China and director of the State Administration of Foreign Exchange, answers a question at a press conference during the First Session of the 13th National People's Congress in Beijing on March 9, 2018. Wang Zhao/AFP via Getty Images

Chinese leaders appointed a new Communist Party chief at the People’s Bank of China (PBOC) on July 1, a surprise move that some experts say is a desperate attempt to revive China’s flagging economy.

Pan Gongsheng, 59, deputy governor of the PBOC, would eventually replace Yi Gang, the central’s bank current governor, who has held the post for five years.