Chinese Finance Minister steps down

Chinese Finance Minister Jin Renqing has resigned for “personal reasons”, the government said today.

The State Council, or Cabinet, has transferred Jin to the State Council’s Development Research Centre, a think tank, where he will be deputy chief, a ministerial-level position.

No other details were given in the statement, which comes after several days of rumours that Jin would step down. He has been finance minister since 2003.

The personnel change comes amid rising concerns over accelerating inflation and a surging stock market.