Party appoints surprise Harvard-educated economist to head China's central bank

Chinese President Xi Jinping appointed Pan Gongsheng, a Cambridge and Harvard-educated economist, as the new Communist Party chief of the People's Bank of China.
Pan is likely to replace current governor Yi Gang following the appointment and will aim to address China's slowing economy and weakening currency.
Pan's promotion came as a shock since he was not appointed to the Communist Party's Central Committee, indicating Xi's increasing concern over the economy.
Compared to Yi Gang, Pan has less international experience but is familiar to foreign investors from his time at Agricultural Bank of China.
Pan is expected to maintain stability in China's monetary policy as the central bank has already been weakened and the yuan is at a seven-month low.