Statement on Yi Gang’s appointment as governor of the People’s Bank of China

Tuesday, March 20, 2018

Yi Gang, who received an honorary degree from Indiana University in 2012, has been named governor of the People’s Bank of China.

Indiana University President Michael A. McRobbie has issued the following statement on the appointment of former IU faculty member Yi Gang as governor of the People’s Bank of China:

"Indiana University warmly congratulates one of its former faculty, Dr. Yi Gang, on being appointed the governor of the People’s Bank of China, China’s central bank. Dr. Yi was an assistant and associate professor of economics at IU’s campus in Indianapolis from 1986 to 1994. 

"Those at IU who worked with him during that time found him to be an extremely talented research economist, a gifted teacher and a generous colleague. He worked in and taught econometrics at IU, where he gained an international reputation and became a leading expert on China’s monetary and financial sectors. 

"In 2012, I had the honor of presenting him with an honorary doctorate in recognition of his contributions to economics both as a researcher and as a policymaker.

"With good economists in high demand in China in academia, industry and government, Dr. Yi returned to China in late 1994 to join the faculty of Peking University. He was one of the first Western-trained economists to return to work in China.

"In 2008, he was appointed deputy governor of the People’s Bank of China and in this and other additional positions he assumed in subsequent years, he became a leader in the formulation of China's monetary and economic policy and has had considerable influence in global economic affairs. Over the years, he has initiated practices that have helped transformed China’s financial structures, and he has devoted himself to public service, demonstrating a remarkable ability to identify social needs, propose innovations and implement reforms.

"He will be assuming one of the most important positions there are in the global economy, as he will be responsible for the central bank of the country with the world’s second-largest economy. Indiana University wishes him the very best in his new position and, as a highly globally engaged university, is especially proud to have him as an extremely distinguished alumnus."