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Bank of China Double Leadership Named to Ease Conflict and Minimize Financial Risk

The Epoch Times published an article reporting that the Bank of China will have two leaders: Guo Shuqing who will be the party secretary and Vice Governor and Yi Gang who will be the Governor and deputy party secretary. Guo Shuqing is also the chairman of the China Securities Regulatory Commission (CSRC). Guo will be in charge of human resources, party affairs and reform while Yi will be in charge of operations. Both Guo and Yi report to Liu He, Vice Premier and economic counsel to Xi Jinping. The Epoch Times reported that, since the China Securities Regulatory Commission was separated from the Bank of China in 2003, the relationship between the two has not gone well. The recent new appointment which involves having two leaders managing the Bank of China is unprecedented and is meant to minimize the conflicts that have existed between two agencies. It will also ensure that there is no overall financial risk as it is currently placed as one of the main obstacles that Xi Jinping has to face in the next three years.

Source: The Epoch Times, March 26 & 27