China's rubber-stamp parliament has approved the reappointment of Yi Gang as Governor of the People's Bank of China, defying previous speculations that he would retire amidst a government reshuffle.
The move has been seen to reassure financial markets amidst rising concerns over China's economic stability.
While other positions have changed, including the promotion of a longtime ally of President Xi Jinping to the position of premier, comparatively fewer changes were made within China's cabinet.
In a year of government restructuring, the recent reappointment of Yi Gang as Governor of the People's Bank of China has been welcomed by investors and other world leaders.
His appointment is a relief as China aims to navigate the economic challenges posed domestically and globally, emerging from subdued economic growth with a focus on a consumer-led plan of recovery.
The move breaks with convention as Yi has already reached China's official retirement age of 65, as other key economic officials have been replaced by Xi Jinping's allies.
Retaining Yi's position has been attributed to his high global stature and his known experience in both domestic and foreign financial sectors.
As tensions between China and other countries rise in regards to issues such as trade and technology, investors have been reassured by Yi's consistency in representing China at international institutions.
According to Zhang Zhiwei, chief economist at Pinpoint Asset Management, "continuity and stability in the leadership of economic and financial affairs are helpful to boost market confidence."