Chinese leaders appointed a new Communist Party chief at the People’s Bank of China (PBOC) on July 1, a surprise move that some experts say is a desperate attempt to revive China’s flagging economy.
Pan Gongsheng, 59, deputy governor of the PBOC, would eventually replace Yi Gang, the central’s bank current governor, who has held the post for five years.
China faces foreign capital outflows as the yuan continues to fall against the dollar. Experts told The Epoch Times the new appointment won’t resolve the economic crisis.
A Surprise Move
China observers say Mr. Pan was probably the last person to be considered for Chinese leader Xi Jinping’s economic leadership team….