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China People's Congress 2018

China promotes deputy Yi Gang as new central bank governor

Liu He named vice premier, bolstering leading role on financial issues

CK TAN, Nikkei staff writer | China

BEIJING -- Yi Gang, a former academic, has taken the reins of China's central bank, following in the footsteps of respected reformer Zhou Xiaochuan.

Meanwhile, Liu He, who has emerged as President Xi Jinping's top economic adviser, was named as one of four vice premiers for Xi's second term. The appointment of Liu, who some saw as a leading candidate to succeed Zhou as governor of the People's Bank of China, underlines the leading role he now has on financial issues at a time the government is focusing on restraining the growth of debt and curtailing financial risk.

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