Zhou Xiaochuan, the governor of the Peoples Bank of
China, is today announced as
Euromoneys Central Bank Governor of the Year
Governor Zhou will be presented with his award at a
reception in Washington on Sunday, September 25, during the
annual World Bank/IMF meetings.
Zhou receives his award in recognition of his handling of
the Chinese economy and his efforts to open up China to greater
international trade and investment.
Following the stimulus put in place in the aftermath of the
global financial crisis, Zhou has been successful in steering a
steady course between the conflicting tensions of
maintaining Chinas economic growth and controlling
stimulus package boosted Chinas growth, but Zhou was
swift to switch to a
tightening interest rate policy once inflationary pressures
took hold. So far, he has been successful in avoiding
macro-economic policies that would trigger a hard landing.
He has been forthright in both his words and his actions in
managing Chinas $3 trillion of foreign exchange
reserves, notably through sterilization operations designed
to absorb the base money supplied through reserve build-up.
Zhou has also taken important steps to open up Chinas
currency markets. Most notable among these is the development
offshore renminbi debt market, which many bankers in Asia
think will one day be among the worlds largest fixed
income sectors. The opening up of the RMB market is also
helping to facilitate trade and investment, reduce currency
mismatches and lower exchange rate risks.
Zhou has also become
increasingly influential on the global stage, using
Chinas position as among the biggest investors in
government bonds in the US and the EU to call on developed
countries to work closely together to manage the sovereign debt
Indeed, over his tenure since 2002, Governor Zhou has become
one of the most important central bank governors in the world,
while giving a new level of credibility to the role through his
timely and appropriate responses.
Governor Zhou joins a long list of
leading central bank governors to receive this accolade
from Euromoney over the past 30 years. Most recent
among them are Jean-Claude Trichet of the ECB in 2008, Durmus
Yilmaz of Turkey in 2009 and Stanley Fischer of Israel in
An in-depth interview with Governor Zhou, reviewing his
tenure as governor of the PBC and the challenges he has faced
in recent years, plus his views of the development of
Chinas role in the global economy and of the current
global economic situation, is published today at http://www.euromoney.com/zhou and
is free to read.
NOTES TO EDITORS:
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For more information about Euromoneys reception at the
World Bank/IMF meetings, please email firstname.lastname@example.org