China replaces five central bank advisors

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China will replace five members of its central bank's monetary policy committee, according to a circular released Wednesday by the State Council, China's cabinet.

Chaired by People's Bank of China (PBOC) governor Zhou Xiaochuan, the committee will welcome five new members: Xiao Jie, deputy secretary-general of the State Council; Wang Bao'an, vice minister of finance; Pan Gongsheng, vice governor of the PBOC; Xiao Gang, chairman of the China Securities Regulatory Commission; and Hu Huaibang, president of the China Banking Association.

You Quan, Li Yong, Du Jinfu, Guo Shuqing and Jiang Jianqing will no longer be members of the committee, according to the circular.

The central bank monetary policy committee, established in 1997, is responsible for advising on the country's monetary policies. There are currently 15 committee members, including central bank officials, ministers from other government departments and economists.

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