It was also announced that a newly formed banking and insurance super regulator, formed out of a merger between the Banking Regulatory Commission and the China Insurance Regulatory Commission, would oversee all of China's banking and insurance sector - and would effectively report into the PBOC.
However, unlike the United States and other large democracies, China's central bank does not operate independently of the government, and so Mr Yi will ultimately report into President Xi Jinping.
"China's ministries are giant, nationwide silos and fiefdoms that never talk to one another", Cliff Tan, east Asian head of global markets research at Bank of Tokyo-Mitsubishi UFJ, said in a note.
Last October, Liu, 66, was elected into the 25-member Politburo, the second-highest tier in Beijing's political power structure after the seven-member Politburo Standing Committee. Liu had been the head of the General Office of the ruling Communist Party's Central Leading Group for Financial and Economic Affairs and a vice minister of the National Development and Reform Commission (NDRC) - China's top economic planning body. He is seen as instrumental in steering monetary and currency policy, including the landmark devaluation of the yuan in 2015.
The US-trained economist, Yi Gang, has been appointed to lead the People's Bank of China following an approval from China's ceremonial legislature of finance and economic officials.
Earlier this year, Yi wrote an op-ed in local business weekly Caixin pushing for the further reform of China's renminbi, which has always been allowed to fluctuate within a set range.
An economic reformer, Yi studied in the U.S. and earned a tenured position at Indiana University before returning to China to take a position at Peking University.
He was also the head of the State Administration of Foreign Exchange (SAFE) from 2009 to 2016.
At a press conference earlier in the annual parliamentary session, Yi said the central bank would work to push through reforms that will bring about "equal treatment for domestic and foreign investors".
He has served as deputy to Zhou Xiaochuan, who held the post for 15 years.
In addition to promoting Liu, the rubber-stamp parliament on Saturday elevated Wang Qishan, a Xi confidant and former trade negotiator, to the vice presidency, giving him another experienced ally to deal with Washington.
Zhong Shan was re-elected as the commerce minister.
Navalny and his supporters had called for an election boycott but the extent of its success could not immediately be gauged. Student Kirill Belov, 18, said he supports Putin but didn't vote because he thought his ballot would not make a difference.
A senior opposition politician has warned they could descend into street clashes if police crackdown too hard on demonstrators. Valentina Matviyenko, speaker of the upper house, hailed the victory as a moral one over the West. "People came together.
During his visit, Trudeau will interact with business leaders, representatives of the film industry and students. The Canadian Prime Minister , who arrived in India on Saturday, is on a week-long state visit to the country.
However, some apps get around the limitations by targeting an older version of Android which did not have those requirements. Android P's build release notes state that apps which do not support the current API level will "fail to install and run".
Moscow also announced it was revoking its agreement on the opening and operation of the UK Consulate General in St. Petersburg, due to a " disparity in the number of consulate facilities of the two countries ".
Built on the SteamVR platform, Vive delivers on the promise of VR with game-changing technology and best-in-class content. Vive Pro HMD pre-orders begin today on Vive.com and other Vive retailers with units shipping globally on April 5th.
City are now enjoying a mid-season break in Abu Dhabi in a bid to recharge batteries ahead of the final stage of the season. They are fantastic for me and you know if you play City they do what they do at the highest level.
Deepak Gulati increased its stake in Amazon.Com Inc ( AMZN ) by 54.11% based on its latest 2017Q3 regulatory filing with the SEC. Amazon.com had a net margin of 1.71% and a return on equity of 9.23%. (NASDAQ:AAPL) on Tuesday, September 29 with "Buy" rating.
Al-Ikhbariya TV hailed it as a "major victory". "We have thousands of people leaving their places, running away from battles". Defence analyst Oubai Shahbandar joined TRT World in the studio to summarise the two-month Turkish operation in Afrin .
Defending champions Mumbai Indians will take on two-time winners Chennai Super Kings in the opening game of the tournament. This will be McClenaghan's fourth season in the IPL after the tournament's technical committee approved the replacement.
Even if he was to leave the club for huge money in the summer, Salah has already woven his name into Liverpool folklore. He's also now leading the race for the European Golden Boot, in a bid to become the first Egyptian to win that prize.
Apple Devices Accidentally Sending Emergency SOS Alerts
Of course, you can fix some of this by turning off Autocall in Settings Emergency SOS, which will add an extra slider step. The feature of the SOS call is to send a message to all your emergency contacts and your location and also 911 get a call.
Putin wins Russia's presidential election
Boris added that it was obvious Russian Federation had held stocks of nerve agent Novichuk "illegally" since the Soviet Times . The head of state underlined a huge trust of the Russian population to Putin according to the results of the election.
Vladimir Putin Wins, Will Lead Russia for Another 6 Years
Observers in this election reported widespread cases of ballot stuffing and voters coerced by their employers to cast ballots. Selfie competitions, giveaways, food festivals and children's entertainers were laid on at polling stations to entice voters.
Devon Energy Corporation (NYSE:DVN) Growth Estimates in Focus
Earnings-per-share growth gives a good picture of the rate at which a company has grown its profitability per unit of equity. Applied Materials, Inc ., a US based Company, belongs to Technology sector and Semiconductor Equipment & Materials industry.
Graft was costing Saudi govt $20bn a year: Crown Prince
Bin Salman also blamed the social problems and shift towards conservatism in Saudi Arabia on the Islamic Revolution in Iran. Earlier this week, an Iraqi lawmaker said bin Salman is expected to make a two-day visit to Iraq.
Turkey's Erdogan says Afrin city centre under 'total'…
With support of Russian military and Syrian aviation, army units have continued its successful advance in Eastern Ghouta. The Turkish Armed Forces said in a tweet that it is now searching the area for mines and home-made explosives.
LEGO The Incredibles confirmed for later this year
The title looks set to appear on Windows PC, Xbox One, PS4 and Nintendo Switch; no visible release date is shown. The game is expected to tie directly into the film, which is now set to release on June 15.
Balayya won't make Pawan Kalyan a hero
The MLA said he would strive to get '10 crore allocated for the construction of an outdoor stadium in Hindupur. He ditched the YSRCP in 2016 to join the ruling Telugu Desam Party.
Micro Focus suffers shares slump amid revenue fears
Hsu has submitted his resignation in order to spend more time with his family and pursue another opportunity, the company said. He will leave with immediate effect and will be replaced by Stephen Murdoch, who is now chief operating officer.
OPPO R15 & R15 Dream Mirror Edition Are Now Official
Unlike the earlier Oppo R devices, these new models feature a glass back, instead of the metal back found on earlier smartphones. Oppo R15 is powered by MediaTek's Helio P60 quad-core processor paired with 6GB of RAM and 128GB of expandable storage.