Mr Yi has been a protégée of his predecessor at the PBOC, Zhou Xiaochuan, who has been in the post since 2002.
His appointment is being seen as an attempt to ensure continuity at the bank as Beijing continues to try and rein in growing debt and limit risky financial practices.
He will take over a central bank tasked with ongoing reform of the financial landscape, including encouraging foreign investment into the financial markets, and monetary policy reform.
But the PBOC has also just become one of the most powerful bodies in China.
Last week, as part of sweeping changes to the central government structure, the NPC said the central bank would have increased control over making new laws and regulations for the banking and insurance sectors.
It was also announced that a newly formed banking and insurance super regulator, formed out of a merger between the Banking Regulatory Commission and the China Insurance Regulatory Commission, would oversee all of China’s banking and insurance sector - and would effectively report into the PBOC.
Mr Yi has a degree in economics from Beijing University, together with a master’s degree and PhD in economics from the University of Illinois in the US.