Source:
https://scmp.com/news/china/economy/article/2118347/trump-names-jerome-powell-new-chair-us-federal-reserve-and-asian
China

Trump names Jerome Powell as new chair of US Federal Reserve, and Asian markets approve

’Dovish’ successor to Janet Yellen is expected to remain cautious on interest rate hikes and may relax financial regulations

Jerome Powell, 64, has been nominated by US President Donald Trump to take over as chairman of the Federal Reserve from Janet Yellen in February. Photo: Bloomberg

Asian financial markets responded well on Friday to the news from the United States that Jerome Powell had been officially nominated by President Donald Trump to take over the running of the Federal Reserve next year.

In Hong Kong, the Hang Seng Index closed up 0.26 per cent, while the KOSPI ended 0.46 per cent higher in Seoul and the Nikkei 225 climbed 0.53 per cent in Tokyo.