China's Central Bank Prepares for Leadership Change with Harvard-Trained Economist

China has appointed economist Pan Gongsheng, who studied at Cambridge University and Harvard University, as the new Communist Party chief at the People's Bank of China (PBOC), potentially positioning him to replace current governor Yi Gang. The surprise move comes as China aims to address its economic slowdown and stabilize its currency, which has been sliding. Pan, who currently serves as the deputy governor of the PBOC, is expected to be named governor following his promotion. The appointment suggests that President Xi Jinping is increasingly concerned about China's economy.