BEIJING: China’s central bank chief Yi Gang is likely to step down after he was dropped from an elite body of the ruling Communist Party, with a former central banker a leading contender to succeed him, sources close to the central bank said.

The potential retirement in early 2023 of Yi, 64, has been the subject of intense speculation as he nears the official retirement age of 65 for minister-level officials. Some policy insiders and advisers had suggested Yi’s tenure might be extended, as was the case with his predecessor, Zhou Xiaochuan.

Yi is among pro-reform policymakers not named on Saturday as full or alternate members of the party’s new Central Committee. Also excluded were outgoing Premier Li Keqiang, 67, economic czar Liu He, 70, and central bank party chief Guo Shuqing, 66.

The changes at the end of the twice-a-decade party congress, were among moves that cemented Xi Jinping’s iron grip on power and appeared to be consolidating control among people close to Xi.

Published in Dawn, October 23th, 2022