After months of intense speculation by the global media, the Chinese government announced during its National People’s Congress that Yi Gang would take over the leadership of the People’s Bank of China (PBoC) from Zhou Xiaochuan, who had been in charge since 2002. As the central bank of the world’s second-largest economy, which also oversees the largest pile of foreign reserves, the changing of the guard is certainly of profound significance to the global economy and market.

Yi’s appointment