China's New Central Bank Governor: "Series of Reform and Opening-Up Measures" in Next Three Weeks

Yi Gang, the new governor of the People's Bank of China, told reporters "there will be a series of reform and opening-up measures" in the next three weeks. Asked to elaborate, he said: "You'll see."

According to the Wall Street Journal's sources, one plan involves boosting participation in the financial sector such as insurance. "President Xi Jinping is expected to unveil that plan during the Boao Forum, an annual gathering of world political and business leaders in the southern Chinese island of Hainan in April," said the newspaper.

The central bank has a long to-do list, with the need to contain financial risks from massive local-government and corporate debts at the top of the agenda. China's other priorities include opening up the financial sector to other players other to compete with the dominant state-owned banks, liberalizing the financial markets, freeing up the renminbi from capital controls, and managing the trade tensions with the United States.     

 

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