Yi Gang

Yi Gang served as Governor of the People's Bank of China from 2018 to 2023, succeeding Zhou Xiaochuan. A US-educated economist who received his PhD from Indiana University, Yi Gang had a more technocratic and internationally engaged style than some predecessors. He oversaw China's monetary policy response to COVID-19 — notably more restrained than Western central banks — managed the renminbi exchange rate through significant volatility, and continued efforts to internationalize the yuan. He also worked on digital yuan (e-CNY) development. Before becoming governor, he served as Deputy Governor of the PBOC for many years and as head of the State Administration of Foreign Exchange (SAFE), giving him deep expertise in reserve management and currency markets. His tenure witnessed China's transition from a strict dollar peg through managed floating, and he was a prominent Chinese voice at G20 and BIS meetings advocating for international monetary coordination. He retired in 2023 and was succeeded by Pan Gongsheng. Yi Gang's academic background in economics and his long institutional experience at the PBOC made him a credible interlocutor with Western central bankers during periods of significant bilateral economic tension.