海歸

‘Sea turtle' plan tests Beijing's old boy network

When China last week elevated Yi Gang to head the body responsible for its foreign exchange reserves, most attention focused on the gargantuan $2,132bn (€1,499bn, £1,295bn) pile of funds under his agency's management.

But Mr Yi's promotion within the People's Bank of China, the central bank, was important for another reason. A former tenured professor from Indiana University, he is one of the government's most senior “sea turtles” – the term used to describe returnees from overseas study.

The nickname comes from the Chinese word for returnees, haiguipai, a homonym for sea turtles.

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