After 15 years at the helm of the People’s Bank of China — the longest of any PBoC governor — Zhou Xiaochuan is expected to step down around the time of the Chinese Communist party congress this year that will mark the start of President Xi Jinping’s second five-year term.Under the 69-year-old Mr Zhou’s leadership, a gradual opening of China’s capital account has allowed the market a greater role in determining the value of the renminbi and the currency’s slow but steady internationalisation.Despite his reputation as one of the government’s most powerful reform advocates, Mr Zhou’s final year in office will be remembered more for setbacks in that area than accomplishments.Advances on opening the capital account have been halted with the recent imposition of foreign exchange controls to combat capital flight. The PBoC has also been criticised for the lack of transparency in the new process for setting the renminbi’s “daily fix” against the US dollar.PBoC watchers believe one of the men below will succeed Mr Zhou. Whoever it is will play an important role in restoring and advancing Mr Zhou’s reformist legacy — or further tarnishing it.
周小川的每一次公開露面，都有可能是他最後一次作爲中國央行行長露面。