Pan Gongsheng has been named the new governor of the People’s Bank of China. The appointment of Gongsheng was approved yesterday at a meeting of the Standing Committee of the National People’s Congress, China’s top legislature. His appointment comes at a time when China’s below-expectation growth rate of 6.3 % in the April-June quarter has rattled its top leaders. The 25-member Politburo of China, comprising key decision makers of the Communist Party, finally acknowledged recently that weak domestic demand, unemployment, operational complexities in several companies…along with high risks in key sectors are some of the challenges that Beijing is currently facing. His appointment also comes shortly after he was installed as the Communist Party chief of the PBOC earlier this month, a surprise move that analysts said had highlighted Beijing’s urgency to bolster the country’s slowing economy and stem the yuan’s slide. So, will this man be able to help China tide over its economic downturn?

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