From Breakingviews - China central bank punts its succession problem
Surprisingly, PBOC Governor Yi Gang, a market-reform advocate who taught economics in the United States, has been left in place, even though he’s reached official retirement age. That may be because Zhu Hexin, his, is known mostly for his stint heading state-owned financial conglomerate CITIC – not a household name outside China - has no detectable international experience. Nor is he a major figure inside China, for that matter.
Beijing might be keeping Yi for the painful parts of the reorganisation – including massive pay cuts – before retiring him. The benchmark CSI300 index shed 4% last week following the announcement of the overhaul. His ultimate replacement by someone more parochial, like Zhu, appears inevitable, however. The so-called sea turtles – Chinese people with overseas market experience and foreign language skills – have been migrating out of government for years. For an institution that holds $3 trillion of hard currency reserves and needs to communicate effectively with domestic and international markets, the thinning talent pipeline is worrying.
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