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Adam Wolfe in Bloomberg News: Yi Gang Ends PBOC Governor Tenure

Ella Rathgeber

28th JUL. 2023

Bloomberg’s recent article discusses Yi Gang’s end to his five-year tenure at China’s central bank, which was marked by a restrained policy approach. ASR’s Adam Wolfe noted that: “Yi’s biggest legacy will be the shift toward ‘structural’ monetary policy…"

“He oversaw a Cambrian explosion of new tools for directing credit to preferred sectors.” These tools combined “the guiding hand of the government with the invisible hand of the market, in line with the new growth model that’s emerged under Xi Jinping’s leadership.”

Adam also commented on Yi’s contribution to China’s efforts in modernising their exchange rate system, stating that “China’s interest rates and its exchange rate are more market-determined today than they were when Yi took over at the PBOC, although neither have been fully liberalized”.

· To read Bloomberg’s article in full, please see HERE (Bloomberg subscription required)

· ASR clients can read Adam’s latest report HERE

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