Mar 15, 2012
Translated by Zhu Na

The General Office of the State Council announced yesterday that it had approved a proposal put forward by the People's Bank of China in relation to the appointment and removal of several members of the central bank's Monetary Policy Committee.

The approval means that Qian Yingyi (钱颖一), Chen Yulu (陈雨露) and Song Guoqing (宋国青) will replace Zhou Qiren (周其仁), Xia Bin (夏斌) and Li Daokui (李稻葵) as members of the committee which offers advice to the central bank on monetary policy decisions.

Mr. Qian currently serves as the dean of the School of Economics and Management at Tsinghua University, Mr. Chen is president of Renmin University of China and Mr. Song is an economics professor at Peking University's China Center for Economic Research.

The Monetary Policy Committee is a consultative body that operates under the authority of the central bank and which offers advice in relation to the formulation of monetary policy.

The committee was established in 1997 and according to the regulations of the central bank, the committee must include financial experts.

In 2010, the central bank appointed three distinguished economists to the committee: Zhou Qiren, Xia Bin and Li Daokui.

Aside from three economic experts, the other 12 members include the governor of the central bank, two deputy governors of the central bank, a deputy director from the National Development and Reform Commission, the president of the State Administration of Foreign Exchange, the director of the National Bureau of Statistics, the chairman of the China Banking Regulatory Commission, the chairman of the China Securities Regulatory Commission, the chairman of the China Insurance Regulatory Commission, and a representative of the state-owned banks.

Links and Sources
PBoC: 中国人民银行货币政策委员会组成人员调整
Gov.cn: 国务院办公厅关于调整中国人民银行货币政策委员会组成人员的通知