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China People's Congress

China keeps Yi Gang as central bank chief in surprise move

Sanctioned general Li Shangfu named defense minister amid high U.S. tensions

People's Bank of China (PBOC) Governor Yi Gang speaks at a news conference in Beijing on March 3.   © Reuters

BEIJING -- China kept its current central bank governor and finance minister in a surprise move at the country's annual parliament on Sunday, alongside a slate of trusted lieutenants installed for President Xi Jinping's third term.

People's Bank of China Gov. Yi Gang was nominated to retain his post. That defied expectations that Zhu Hexin, head of state-owned Citic Group, would take over from Yi, a respected U.S.-educated economist who has been leading the central bank since 2018.

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