BEIJING -- China has replaced five members of its central bank's monetary policy committee, according to a circular released on Wednesday by the State Council, China's Cabinet.

Chaired by People's Bank of China (PBOC) governor Zhou Xiaochuan, the committee welcomes five new members: Xiao Jie, deputy secretary-general of the State Council; Wang Bao'an, vice minister of finance; Pan Gongsheng, vice governor of the PBOC; Xiao Gang, chairman of the China Securities Regulatory Commission; and Hu Huaibang, president of the China Banking Association.

Other members include Zhu Zhixin, vice chairman of the National Development and Reform Commission; PBOC vice governor Hu Xiaolian; Yi Gang, PBOC vice governor and head of the State Administration of Foreign Exchange; Ma Jiantang, director of the National Bureau of Statistics; Shang Fulin, chairman of the China Banking Regulatory Commission; and Xiang Junbo, chairman of China Insurance Regulatory Commission.

The committee also features Qian Yingyi, dean of Tsinghua University's School of Economics and Management, Chen Yulu, president of the Renmin University of China, and Song Guoqing, professor of the National School of Development at Peking University.

You Quan, Li Yong, Du Jinfu, Guo Shuqing and Jiang Jianqing are no longer members of the committee, according to the circular.

The central bank monetary policy committee, established in 1997, is responsible for advising on the country's monetary policies. There are currently 15 committee members, including central bank officials, ministers from other government departments and economists.