China kept its central bank governor and finance minister in their posts on Sunday, an unexpected move at the annual session of the rubber-stamp parliament prioritizing continuity as economic challenges loom at home and abroad.
President Xi Jinping, who has been installing allies in key roles amid a sweeping government reshuffle as he begins a third five-year term, broke with convention to retain Yi Gang, 65, as governor of the People's Bank of China (PBOC) and Liu Kun, 66, as finance minister, as both men have reached the official retirement age of 65.
"Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network.