China has appointed a new head of the Central Bank of China.

The Chinese Parliament announced the removal of Yi Gang from the post of head of the People’s Bank of China, follows from the decision of the 4th session of the Standing Committee of the 14th National People’s Congress, the text of which is published by Xinhua.

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“As a result of the vote, it was decided <…> to remove Yi Gang from the post of head of the People’s Bank of China and appoint Pan Gongsheng as the new head of the People’s Bank of China,” the document says.

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The meeting was attended by Chairman of the Supreme People’s Court Zhang Jun, head of the Standing Committee Zhao Leji, and the decree was signed by Chinese President Xi Jinping.