Reshuffle heralds new era of Chinese central banking

Policy room for next PBoC governor looks limited, as loyalists win out over technocrats for top economic posts

President Xi Jinping, 20th National Congress of the CPC
President Xi Jinping at the opening ceremony of the 20th National Congress of the Communist Party of China, October 16, 2022
Photo: Thomas Peter/Reuters/Alamy

The Chinese Communist Party (CCP) unveiled the list of its Central Committee members for the next five years at the conclusion of its congress on October 23. Its membership indicates an unprecedented overhaul – at least in the last three decades of economic transformation – of the country’s political and economic leadership. The reshuffle at the very top of the Chinese government will no doubt have both direct and profound implications over Beijing’s macroeconomic management.

Even seasoned

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