The People's Bank of China (PBOC) has appointed economist Fan Gang to its Monetary Policy Committee, as outside commissioner, said the bank Friday.

Yu Yongding, the current outside commissioner of the committee, has completed his term, said the bank.

Committee rules stipulate that at least one member of the committee must come from outside government and financial institutions. The outside commissioner must also be a representative from academia, and is appointed to a two-year term.

Born in 1953, Fan holds a Ph.D degree in economics and mainly studies macroeconomics and transition economics.

Fan is now vice president of the China Society of Economic Reform and head of the National Economic Research Institution with the China Reform Foundation.

The outgoing, outside commissioner, Yu Yongding, is also director of the Institute of World Economics and Politics with the Chinese Academy of Social Sciences.

Source: Xinhua