China's central bank announced a reshuffle of its monetary policy committee (MPC), adding securities regulator head Wu Qing and vice central bank chief Xuan Changneng, Reuters reported on Wednesday. Governor Pan Gongsheng stated that the central bank has ample monetary policy tools and may still reduce banks' reserve requirement ratio. China's central bank has also welcomed two new academic members Huang Yiping from Peking University and Huang Haizhou from Tsinghua University. Huang Yiping, with a doctorate in economics from Australian National University, is the dean of Peking University's National School of Development and previously served on the PBOC policy committee. Huang Haizhou, a US-trained economist, was a senior executive at investment bank CICC and has taught at the Chinese University of Hong Kong and London School of Economics. The new academic members replace influential government economists Liu Shijin and Cai Fang. The policy panel meets quarterly to discuss economic and policy issues, but its influence is limited. The PBOC, lacking the independence of institutions like the US Federal Reserve, requires cabinet approval for significant changes in interest rates and the yuan's value.
