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UPDATE: China names Yi Gang as new central bank chief

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UPDATE: China names Yi Gang as new central bank chief

China's legislature, the National People's Congress, has named Yi Gang as the country's new central bank chief, and is expected to approve the nomination on March 19, Bloomberg News reported.

Yi is in line to replace Zhou Xiaochuan, who is set to retire after his 15-year tenure at the People's Bank of China.

He has served as deputy governor of China's central bank since 2008. He will work under Liu He, top economic adviser to China's President Xi Jinping. The NPC is also expected to confirm Liu on March 19 as the vice premier in charge of economic and financial policy, reported the Financial Times.

Liu was earlier reported as the top contender for the central bank post.