UPDATE 1-China appoints new central bank monetary policy committee members

(Adds detail, context)

SHANGHAI, March 20 (Reuters) - China’s cabinet has appointed Cai Fang and Wang Yiming as new central bank monetary policy committee members, the country’s state council said in a statement on Saturday.

Cai is an influential economist at the Chinese Academy of Social Sciences (CASS), a top government think tank, while Wang is vice chairman of China Center for International Economic Exchanges (CCIEE), another think tank.

The statement added that Liu Shijin, a government economist, remains as a member of the monetary policy committee, while Liu Wei and Ma Jun will no longer serve as members of the central bank committee.

The policy committee, which meets once every quarter to discuss economic and policy issues, can recommend changes or action when necessary, but its influence is limited. (Reporting by Emily Chow and Kevin Yao; editing by Alexander Smith and Jason Neely)