Yi Gang will remain the governor of the People’s Bank of China and Liu Kun will also continue to be finance minister, according to the 14th National People’s Congress on Sunday.

Nominated by newly-pointed Premier Li Qiang, who was elected on Saturday, Yi, 65, and Liu, 66, will start their second five-year terms as the heads of two of China’s most important economic authorities.

The reappointment of Yi, well known as a macroeconomics scholar with extensive work experience in the PBOC system, is unexpected since he was not chosen as a member of the Party’s central committee during the 20th CPC National Congress.

In a press conference before the two sessions, Yi said real interest rates are at an appropriate level and a cut in the reserve requirement ratio was still an effective way to provide long-term liquidity.