Mubasher: The People’s Bank of China (PBOC) on Monday announced appointing US-educated economist Yi Gang as its new governor.

Gang had occupied the position of deputy PBOC governor since 2008.

The appointment “was largely unexpected”, according to the BBC, which added that the appointment is seen “as an attempt to ensure continuity at the bank as Beijing continues to try and rein in growing debt and limit risky financial practices.”

The PBOC recently became one of the most powerful bodies in China, having been given additional responsibilities and control over issuing new laws and regulations for China’s banking and insurance sectors.

Unlike countries such as the United States, China's central bank does not operate independently of the government, which means that Yi Gang will report to President Xi Jinping.

Gang earned a degree in economics from Beijing University, along with a master's degree and PhD in economics from the University of Illinois in the US.

Gang’s predecessor was Zhou Xiaochuan, who had held the PBOC governor post since 2002.

Other government appointments have been made on Monday to the Chinese cabinet, known as the state council, including four vice-premiers, namely: Han Zheng, Sun Chunlan, Liu He, and the only woman, Hu Chunhua.