A file photo shows a pedestrian walks past the headquarters building of the People's Bank of China in Beijing, capital of China. (Xinhua)

China's central bank will welcome two new financial experts - Cai Fang and Wang Yiming - to its Monetary Policy Committee (MPC) to replace the sitting members Liu Wei and Ma Jun, according to a government statement released on Saturday.

China's state council approved Cai and Wang to be the new members of the MPC of People's Bank of China, the country's central bank. Liu and Ma will leave the committee after the announcement, and Liu Shijin will continue to serve as a member, according to the statement.

The tenure of financial experts in the MPC is normally two years, and this reshuffle is considered to be a routine work adjustment.

Deputy director of the Economic Affairs Committee of the National Committee of the Chinese People's Political Consultative Conference Liu Shijin, President of Renmin University of China Liu Wei and Director of Center for Finance and Development of TsingHua University Ma Jun, joined the MPC in June 2018.

Cai is the chief expert of the think tank of the Chinese Academy of Social Sciences, and is also a prominent scholar in agriculture and population fields, and Wang is a macroeconomist from the China Center for International Economic Exchanges.

The total number of members is 14 and Yi Gang, governor of the central bank, is the head of the MPC.

The duty of the China Monetary Policy Committee includes discussions of the formulation and adjustment of monetary policy, the control of objectives of monetary policy in a certain period, the use of monetary policy tools, important measures related to monetary policy, and putting forward suggestions.