China's Zhou reappointed central bank chief in reform push
BEIJING (REUTERS) - China re-appointed Zhou Xiaochuan as governor of the central bank on Saturday, a move to ensure policy continuity amid global uncertainties and to deepen market-based reforms needed to sustain long-term growth in the world's second-largest economy.
The re-appointment of Zhou, a key driving force behind China's financial liberalisation, signals Beijing's bid to speed broad economic reforms to put economic growth on a more sustainable footing.
Zhou, who took the helm of the People's Bank of China (PBOC) in 2002, has led the drive to liberalise interest rates and abolish the yuan's peg to the US dollar, a step along the path to turning it into a global currency.
Reuters reported last month that Zhou was to keep his central bank post, courtesy of his elevation to the Chinese People's Political Consultative Conference (CPPCC) that carries"national-level leader" rank and exempts him from compulsory retirement at 65 for officials in cabinet minister-ranked jobs.