正文
By ANDREW BATSON ,WSJ
BEIJING—China\'s central bank named three prominent scholars to its monetary-policy committee, expanding the range of its outside advisers at a time when it faces a series of tough decisions on the currency, interest rates and other economic policies.
The new advisers are all leading lights of the Beijing economics community. Zhou Qiren, who has a doctorate from the University of California, Los Angeles, now runs the National School of Development at Peking University.
Xia Bin, a prominent local scholar on the financial system, heads the finance institute of the Development Research Center of the State Council, a top government think tank. Li Daokui, who also uses the English name David and has a doctorate from Harvard University, is director of the Center for China in the World Economy at Tsinghua University.
One scholar who has been on the committee stepped down Monday, so the appointments announced the same day by the People\'s Bank of China increase by two the number of outside academics who sit on the committee, which is mainly composed of central-bank and other financial officials.
China\'s central bank isn\'t independent and can only change interest rates or make other major changes with the approval of the top leadership, so the monetary-policy committee mainly serves an advisory function.
The man who stepped down is Fan Gang, the director of the National Economic Research Institute in Beijing.
Mr. Fan, a fluent English speaker, had been an articulate defender of China\'s economic policies to the outside world.
In an article earlier this month, he took on what he called China-bashers in the U.S. who had been pushing China to revalue its currency. Will China\'s revaluation, as requested, solve American\'s problems? he asked, and concluded there was limited evidence that a move would reduce the U.S. trade deficit.
In comments on the currency earlier this month, Mr. Li of Tsinghua University said he didn\'t expect the government to make a large adjustment in the yuan\'s exchange rate, and that the currency is unlikely to rise by more than 5% a year.
The central bank declined to comment beyond the statement announcing the new appointments. Mr. Zhou couldn\'t be reached to comment, and Mr. Li, Mr. Xia and the outgoing adviser, Mr. Fan, didn\'t respond to requests for comment Monday.
BEIJING—China\'s central bank named three prominent scholars to its monetary-policy committee, expanding the range of its outside advisers at a time when it faces a series of tough decisions on the currency, interest rates and other economic policies.
The new advisers are all leading lights of the Beijing economics community. Zhou Qiren, who has a doctorate from the University of California, Los Angeles, now runs the National School of Development at Peking University.
Xia Bin, a prominent local scholar on the financial system, heads the finance institute of the Development Research Center of the State Council, a top government think tank. Li Daokui, who also uses the English name David and has a doctorate from Harvard University, is director of the Center for China in the World Economy at Tsinghua University.
One scholar who has been on the committee stepped down Monday, so the appointments announced the same day by the People\'s Bank of China increase by two the number of outside academics who sit on the committee, which is mainly composed of central-bank and other financial officials.
China\'s central bank isn\'t independent and can only change interest rates or make other major changes with the approval of the top leadership, so the monetary-policy committee mainly serves an advisory function.
The man who stepped down is Fan Gang, the director of the National Economic Research Institute in Beijing.
Mr. Fan, a fluent English speaker, had been an articulate defender of China\'s economic policies to the outside world.
In an article earlier this month, he took on what he called China-bashers in the U.S. who had been pushing China to revalue its currency. Will China\'s revaluation, as requested, solve American\'s problems? he asked, and concluded there was limited evidence that a move would reduce the U.S. trade deficit.
In comments on the currency earlier this month, Mr. Li of Tsinghua University said he didn\'t expect the government to make a large adjustment in the yuan\'s exchange rate, and that the currency is unlikely to rise by more than 5% a year.
The central bank declined to comment beyond the statement announcing the new appointments. Mr. Zhou couldn\'t be reached to comment, and Mr. Li, Mr. Xia and the outgoing adviser, Mr. Fan, didn\'t respond to requests for comment Monday.
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