Two more bank veterans stay on to ensure stability
Arrangements show desire for continuity after leadership reshuffle last year, analysts say
Chen Yuan, the 68-year-old chairman of China Development Bank, will stay in his job at the nation's largest financer of infrastructure projects and overseas investment despite his age and a recent controversy over the lender's role in a major corporate transaction, sources told the .
Li Ruogu, the 62-year-old chairman of Export-Import Bank of China (Exim Bank), is also set to retain his post.
The arrangements reflect Beijing's decision to make the nation's financial and political stability a priority after the once-in-a-decade power reshuffle last year and as global economic uncertainties persist.
Sources earlier told the that People's Bank of China (PBOC) governor Zhou Xiaochuan would remain at his post for another year or two, even though he had reached the compulsory retirement age of 65 and had been overlooked for a seat in the Communist Party's inner circle in last year's leadership reshuffle.
Retaining these key figures also avoids the need for "musical chair" rotations among the top securities, insurance and banking regulators and institutions in the near term.
During a power transition, stability is desired above all else
Analysts say keeping the financial veterans will help the new leadership consolidate power and win broader support within the Communist Party.
