1. Zhou Xiaochuan previously served as vice governor of the People's Bank of China, director of the State Administration of Foreign Exchange, governor of China Construction Bank, and chairman of the China Securities Regulatory Commission.
20 Facts About Zhou Xiaochuan
1. 2.
The elder Zhou Xiaochuan was the head of the Electric and Industrial Bureau of the North East district in 1949.
3.
Zhou Xiaochuan later became Vice Minister of the First Department of Machinery Development in 1961.
4.
Zhou Xiaochuan graduated from Beijing Institute of Chemical Technology in 1975 and received a Ph.
5.
Zhou Xiaochuan was sent to the Beijing Institute of Chemical Technology as a Gong Nong Bing student in 1972.
6.
Zhou Xiaochuan served as Assistant Minister of Foreign Trade from 1986 to 1989, and between 1986 and 1991, he was a member of the National Committee of Economic Reform.
7.
From 2000 to 2002, Zhou Xiaochuan was the chairman of the China Securities Regulatory Commission.
8.
In July 2001, Zhou Xiaochuan declared his intention to reduce state ownership in the stock market.
9.
Zhou Xiaochuan emphasized the role of market mechanisms and worked to reduce red tape to protect retail investors.
10.
Zhou Xiaochuan was the governor of the bank until 2018.
11.
Zhou Xiaochuan was in charge of clearing up some $865 billion of bad loans in the Chinese banking system.
12.
Zhou Xiaochuan contended that China's policy banks should separate their different kinds of businesses.
13.
On 24 March 2009, Zhou Xiaochuan gave a speech, "Reform the International Monetary System".
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Zhou Xiaochuan argued that the ongoing financial crisis was made more severe by inherent weaknesses of the current international monetary system and called for a gradual move towards using IMF special drawing rights as a centrally managed global reserve currency.
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Zhou Xiaochuan argued that it would address the inadequacies of using a national currency as a global reserve currency, particularly the Triffin dilemma, the dilemma faced by issuing countries in trying to simultaneously achieve their domestic monetary policy goals and meet other countries' demand for reserve currency.
16.
Zhou Xiaochuan argued that it was regrettable that John Maynard Keynes's "farsighted" bancor proposal was not adopted at Bretton Woods in the 1940s.
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Zhou Xiaochuan asserted China's increasing confidence in its own financial governance philosophies.
18.
Zhou Xiaochuan criticized Western leaders for letting their banking sectors go astray by loose regulations.
19.
In March 2013, Zhou Xiaochuan was reappointed the governor of the People's Bank of China.
20.
In October 2017, Zhou Xiaochuan named three reforms he believed were crucial for China's economic future: scrapping capital account controls, letting the market freely decide the yuan's value and embracing free trade and investment.