BEIJING, AFP: China replaced its Central Bank Chief on Tuesday, State media said, as the world’s second-largest economy struggles to revive flagging growth.

Economist Pan Gongsheng will take the place of outgoing Central Bank Governor Yi Gang, the official Xinhua News Agency said.

Yi has headed the People’s Bank of China (PBOC) since 2018 and has reached retirement age.

The decision, made by Chinese legislators at a meeting on Tuesday, comes after Pan was appointed the PBOC’s Communist Party secretary on 1 July. Pan previously headed China’s foreign exchange regulator, a position he had held since 2016, when China faced major capital flight.

The 60-year-old has also served as one of the Central Bank Vice-Governor since 2012.

Pan, who attended top universities Cambridge in the United Kingdom and Harvard in the United States, is reputed to be deeply experienced in Chinese banking and politics, having also worked at two major State-owned banks.

China removes Foreign Minister Qin Gang from office