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Pan Gongsheng

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finance2 years ago

Pan Gongsheng Appointed as China's New Central Bank Governor to Prioritize Safety

Pan Gongsheng, who previously oversaw China's $3 trillion in foreign currency reserves, has been named the governor of the People's Bank of China. This appointment comes at a critical time for China as its economic recovery falters, its banking system faces bad loans, and its currency weakens. Pan's previous experience in stabilizing the renminbi during a currency plunge in 2016 may prove valuable in his new role. However, his lack of political backing within the Communist Party may pose challenges.

via The New York Times|
#chinese-economy#currency-stabilization#finance
cryptocurrency2 years ago

China's Central Bank Shakes Up Leadership with Anti-Bitcoin Governor and Harvard-Trained Economist

The Communist Party of China has reportedly appointed Pan Gongsheng, a Bitcoin skeptic and deputy governor of the People's Bank of China (PBOC), as the PBOC party secretary, putting him in line to become the next governor. Pan is known for his critical comments on Bitcoin and is currently in charge of regulating financial technology companies and clamping down on cryptocurrency use in China. His appointment comes at a critical time for China's economy, which is facing challenges such as slowing growth, high debt levels, and an aging population.

via The Daily Hodl|
#bitcoin#central-bank#china
economy2 years ago

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.

via CNN|
#central-bank#china#currency