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China has appointed Pan Gongsheng, known for being a firefighting technocrat, as new governor of the People's Bank of China (PBOC), following his elevation to the central bank's top political post this month. On Tuesday, state media confirmed Pan, who from 2016 headed up China's top foreign exchange regulator, as the replacement for respected governor Yi Gang, making him the first person to take over both posts since Yi's predecessor Zhou Xiaochun.
Analysts say Pan Gongsheng’s many years of experience at the People’s Bank of China give him a critically important vantage point from which to tackle financial risks and shore up economic growth.