The US Senate on Tuesday confirmed former investment banker Jerome Powell as head of the Federal Reserve Mike Piazza Authentic Jersey , putting President Donald Trump's pick in a role of enormous influence in the world's largest economy.

  Current Federal Reserve Chair Janet Yellen (left) and Federal Reserve Governor Jerome Powell (right), Yellen's successor.

Powell, a current Fed governor, was confirmed by a vote of 85-12, paving the way for him to replace current Chair Janet Yellen when she steps down next month.

In choosing to replace Yellen, Trump dismantled another piece of his predecessor Barack Obama's legacy, making Trump the first US president in nearly 40 years not to reappoint the incumbent Fed chair.

Analysts say Powell's appointment offered Trump the chance both to remove an Obama appointee, while also signaling to markets that he favoured continuity with the slow and deliberate rate increases that had won Yellen plaudits at the end of her term.

In addition to being a Democrat and the first female chief of the US central bank, Yellen was also a defender of the regulations enacted following the financial crisis - putting her at odds with the current White House's deregulation agenda.

Powell, 64, had already been through the Senate confirmation process before becoming a Fed governor in 2012. Since then, he has never dissented from any of the central bank's monetary decisions.

During a drawn out search process, Powell emerged as a centrist, consensus candidate - a Republican unlikely to raise rates too quickly but amenable to loosening financial regulations in ways long sought by Wall Street.

In promoting Powell to the Fed leadership, Trump takes another step toward remolding the central bank in his image, with four vacancies on the Fed's board of governors yet to be filled.

In November, Trump also nominated university professor and conservative economist Marvin Goodfriend to fill one of the vacancies.

Goodfriend appeared on Tuesday for Senate confirmation hearings, where lawmakers grilled him about predictions - which were never borne out - that Fed stimulus following the 2008 financial meltdown would drive up inflation without aiding the economic recovery.

Yellen has led the central bank since 2014 and will relinquish the leadership post just as the US economic recovery is cresting, having overseen falling unemployment, robust growth and low inflation - conditions that have won her praise from many, including Trump.

Agencies

HARBIN, Jan. 23 (Xinhua) -- Heilongjiang, a province in China's Northeast rust belt, reported its fastest economic growth in four years in 2017.

The gross domestic product in Heilongjiang, one of three provinces in the Northeast traditional industrial zone, grew 6.4 percent to 1.62 trillion yuan (250 billion U.S. dollars) last year, the provincial statistics bureau said Tuesday.

The growth rate was 0.3 percentage points higher than a year ago, it said.

The province has been under huge downward pressure from its traditional coal, grain, oil and timber industries. It has invested heavily in the strategic new industries to explore new growth drivers.

In 2017, the investment in the strategic new industries totaled 421 billion yuan, up 10.4 percent.

Jilin and Liaoning, the other two provinces in the Northeast region, are yet to release growth figures for 2017.

Jilin and Liaoning also posted signs of economic recovery in the first three quarters of last year.


Aerial photo taken on July 17, 2017 shows an under-construction pedestrian bridge across the Liuyang River in Changsha, capital of central China's Hunan Province. (XinhuaLong Hongtao)




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Chinese aircraft carrier formation conducts coordination training

Monkeys enjoy cool mist, watermelon at Quanzhou Wildlife Zoo in Fujian

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Lotus flowers blossom at ancient town in SW China

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Austrian players celebrate after scoring a goal by Nina Burger during a UEFA Women's EURO 2017 soccer tournament Group C match between Austria and Switzerland at the Adelaarshorst Stadium in Deventer, the Netherlands, July 18, 2017. The Austrians won the game 1-0. (XinhuaYe Pingfan)




In pics: China's CH-5 drone completes trial flight

In pics: ethnic embroidery show in SW China's Yunnan

Chinese aircraft carrier formation conducts coordination training

Monkeys enjoy cool mist, watermelon at Quanzhou Wildlife Zoo in Fujian

Annual Wiener Dog Race held in Vancouver, Canada

Highlights of Miss Philippines Earth coronation night

Lotus flowers blossom at ancient town in SW China

Aerial photos show Hukou Waterfall of Yellow River

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ZARAGOZA, Spain, March 14 (Xinhua) -- The regional government of the northern Spanish region of Aragon and the Chinese city of Yiwu signed on Monday an agreement to maximize the benefits of the Yixinou freight train, which links the Chinese city and Madrid, the capital of Spain.

The President of the Government of Aragon, Javier Lamban, and the chief of Yiwu, Sheng Qiuping, have signed this agreement to strengthen economic relations between the two countries.

Sheng Qiuping has proposed to make good use of the return trip of the train from Madrid to Yiwu shipping commodities. Sheng explained that the last return trip to Yiwu carried red wine, olive oil and Spanish juices and ""soon we run out of them because they arrived just before the celebration of the Spring Festival.""

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