People's Bank of China names 3 new advisers

Economists Zhou Qiren, Xia Bin and Li Daokui are expected to bring in hawkish view.

China's central bank, facing a tough job to strike a balance between sustaining growth and containing inflation, appointed three academics to its policy-making panel on Monday.

Three prominent Chinese economists will replace Fan Gang, the only academic member of the monetary policy committee, which plays a pivotal role in framing policy advice on issues such as interest rates and the currency.

The announcement by the People's Bank of China, made on its website www.pbc.gov.cn, confirmed an earlier report in the China Business News.

The new members include Zhou Qiren, head of the China Center for Economic Research at Peking University. His predecessor, Justin Lin, is now chief economist at the World Bank.

The other new members are Xia Bin, head of the financial institute of the Development Research Centre, a think-tank under the State Council, or cabinet, and Li Daokui at Tsinghua University.

The China Business News said the trio would attend their first monetary policy committee meeting on Tuesday.

View the full story in Forex Yard.