Xi’s central bank shakeup prioritizes continuity over big change

News Snapshot:

(Bloomberg) — Chinese President Xi Jinping’s elevation of a long-serving technocrat as the central bank’s top Communist Party official signals policy makers will avoid any drastic shifts for now as the world’s second-biggest economy struggles to regain momentum. Most Read from Bloomberg Pan Gongsheng’s appointment Saturday as party chief of the People’s Bank of China indicates the bank will stay the course, consistent with its recent approach of only modestly cutting interest rates and encouraging banks to lend more to targeted areas. The government has faced calls for greater stimulus in recent weeks as data continues to show the economy...