Top Asian News 3:35 a.m. GMT
Favoring continuity, China reappoints central bank governor
BEIJING (AP) — China on Sunday reappointed Yi Gang as head of the central bank in an effort to reassure entrepreneurs and financial markets by showing continuity at the top while other economic officials change. Yi, whose official title is governor of the People’s Bank of China, plays no role in making monetary policy, unlike his counterparts in other major economies. His official duties lie in “implementing monetary policy,” or carrying out decisions made by a policymaking body whose membership is a secret. But the central bank governor acts as spokesperson for monetary policy, is the most prominent Chinese figure in global finance and is in charge of reassuring bankers and investors at a time when China’s economy is emerging from drastically slower growth.