Pan Gongsheng was formally appointed governor of the People’s Bank of China today (July 25) by the standing committee of the National People’s Congress, a decision confirmed by Chinese president Xi Jinping.

Pan replaces Yi Gang, who has been PBoC governor since March 2018 and has reached the retirement age of 65 for his rank.

On July 1, the Chinese Communist Party’s Central Committee named Pan as the central bank party chief. The move prompted many analysts to believe Beijing would eventually