China's new central bank governor outlined sweeping plans Sunday to rein in rising debt and financial risk, but expressed confidence that Beijing can prevent potential dangers. Yi is a two-decade veteran of the bank and is well-known to foreign investors and regulators as director of China's foreign exchange regulator. Financial analysts worry that heavy borrowing by local governments and state companies could threaten the stability of the financial system. He cited "persistently high" debt at state companies and said the "surging leverage ratio" among households is a "cause for concern." He repeated official promises to open the state-dominated financial system and allow foreign ownership of banks, but gave no new details.

Source: ABC News March 25, 2018 07:26 UTC