chinastakes.com
PBoC's Two New Vice-Governors
January 03,2008
by CSC staff
Two new vice-governors has been appointed at the People’s Bank of China, China’s central bank. And one of them could be in charge of the all important monetary policy.
Lately, the RMB exchange rate debate and the rising Chinese financial market have placed the People’s Banof China’s (PBOC) every move under the spotlight. With the conclusion of the seventeenth National Congress of the Communist Party and the forthcoming Two Conferences (the annual session of National People’s Congress and Chinese People’s Political Consultative Conference) in spring, the time is ripe for a personnel shift in PBOC.
Ma Delun, assistant to the Governor of PBOC, has been promoted to Vice-Governor. Born in 1949, Ma Delun worked from 2001-2005 as a vice-chairman in the State Administration of Foreign Exchange (SAFE) and was then promoted to become the general assistant to the Governor of PBOC. By the time he was working in SAFE, there was already a large discussion about the RMB’s exchange rate and the government was already preparing to de-peg the RMB from the dollar and start the reform of exchange rate regime. It was at this time that China started collecting a large amount of foreign reserves.
Just after the official announcement of Madelun’s promotion, the news came out that Yi Gang, another assistant to the Governor, had also been appointed the vice-governor. And Wu Xiaoling, the vice governor in charge of the monetary policy, is retiring. The respective portfolios of the two new vice-governors have yet to be officially clarified..
orientfortune.com
“We must prevent real deposit rates from sliding into negative territory over an extended period,” Yi Gang said. “That would distort and harm the economy.”
I think there is going to be a change in the monetary policy of China. Local inflation is a problem 2008 could be the birth of an Asian version of how to engineer based on AG concept and a far more aggressive/interfering PBOC |
