PBOC Monetary Policy Committee names five new members

Will help advise on China’s monetary policies.

The five will replace five members of the monetary policy committee, said a circular released by the State Council, China's cabinet.

The new members of the committee are Xiao Jie, deputy secretary-general of the State Council; Wang Bao'an, vice minister of finance; Pan Gongsheng, vice governor of the PBOC; Xiao Gang, chairman of the China Securities Regulatory Commission and Hu Huaibang, president of the China Banking Association.

You Quan, Li Yong, Du Jinfu, Guo Shuqing and Jiang Jianqing will no longer be members of the committee. Established in 1997, the monetary policy committee of the People's Bank of China is responsible for advising on the country's monetary policies. There are currently 15 committee members, including PBOC officials, ministers from other government departments and economists