China reorganizes Monetary Policy Committee

Cause is the retirement and reshuffling of committee members.

The 15-member Monetary Policy Committee of the People’s Bank of China, the central bank, will need to appoint new members since two of its members have been reassigned while one member is to retire. The committee is the top advisory body about China’s macroeconomic and monetary policy.

You Quan, former deputy secretary general of the State Council and a member of the Monetary Policy Committee and Guo Shuqing, former head of China Securities Regulatory Commission, are expected to leave the committee. Li Yong, the deputy finance minister, is expected to retire this year. Any personnel changes to the committee must be approved by the State Council, China’s cabinet.

The Monetary Policy Committee usually has 15 members, including officials from the PBOC, the CSRC, China Banking Regulatory Commission, China Insurance Regulatory Commission, Ministry of Finance, National Development and Reform Commission and the National Statistics Bureau. Three members come from academic circles.