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According tostipulations in Article 10 of the Rules on the Monetary Policy Committee ofthe People's Bank of China, and with the approval of the State Council, MrYu Yongding, an Oxford-trained PhD in economics and currently the Director ofthe Institute of World Economics and Politics in the Chinese Academy of SocialSciences (CASS) was appointed a member of the MPC as a representative from theacademia to replace the retiring Mr Li Yang who has completed his term in theMPC. Mr Yu Yongding is 56 years old and he also holds the presidency of theChinese Society of World Economy.