China investigates deputy governor of its bank for corruption

BEIJING (HPD) — A deputy governor of China’s central bank is under investigation for alleged “serious violations of discipline and law,” the ruling Communist Party’s anti-corruption agency said Saturday.

In its brief statement posted online, the Central Commission for Discipline Inspection did not provide details about the accusations against Fan Yifei.

Fan, one of the entity’s six deputy governors, has held the position for more than seven years. He joined the People’s Bank of China in 2015 after a career in finance. In recent years, he has often spoken about Beijing’s efforts to develop a digital currency.

Under the leadership of President Xi Jinping, the Communist Party has carried out an extensive anti-corruption campaign. The initiative is popular among the population and has allowed the president to set aside some possible political rivals.

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