Zhou Xiaochuan

Zhou Xiaochuan served as Governor of the People's Bank of China for 16 years from 2002 to 2018 — one of the longest tenures of any major central bank governor. He oversaw China's transition from a fixed dollar peg to a more flexible exchange rate regime, the gradual liberalization of China's capital account, and the internationalization of the renminbi including its inclusion in the IMF's SDR basket. In 2009, he published a widely-read essay advocating for a reformed SDR as a reserve currency alternative to the US dollar. He studied engineering and economics in China and received a doctorate in systems engineering before transitioning into economic policy. Before the PBOC, he led the China Development Bank and served as chairman of the China Securities Regulatory Commission. Under his stewardship, China's banking system underwent landmark reforms including the recapitalization and partial privatization of the four major state-owned banks. His 2009 SDR reform essay was widely interpreted as a challenge to the Bretton Woods dollar-centric international monetary order and attracted considerable international attention. He was known for engaging Western economists and central bankers directly, making him one of China's most internationally recognized financial policymakers. He was succeeded by Yi Gang in March 2018.