China has named a new central bank governor for the first time in 15 years, and former deputy governor Yi Gang will face a perilous balancing act in leading the bank. While Zhou Xiaochuan had a slightly simpler task in pushing aggressively for financial reform, Mr. Yi will need to balance risk management and deepening reforms in an increasingly unstable financial system. In addition, Yi must also position the central bank effectively within a new regulatory framework while continuing to combat resistance to deleveraging efforts.
