BEIJING -- The status of the leaders of the People's Bank of China is declining within the Communist Party, with neither current Gov. Yi Gang nor Pan Gongsheng, the newly appointed party chief at the central bank, included among the 376 high-ranking members or alternates of the party's Central Committee.
Chinese Vice Premier He Lifeng, who is close to President Xi Jinping, has become the country's de facto finance chief. The Communist Party has an organization set up to lead the financial sector, and the recent personnel appointments make it clear that the party will be steering things directly.
