China central bank official faces corruption probe

A deputy governor of the Chinese central bank, Fan Yifei, is being investigated for "suspected serious violations of discipline and law," the Central Commission for Discipline Inspection (CCDI) announced on Saturday.

The corruption agency did not provide further details of the allegations.

The probe comes at a time when President Xi Jinping is conducting a sweeping crackdown on corrupt activities within the state machienery.

Fan, 58, has held the post of deputy governor at the People's Bank of China — one of six such positions at the institution — for seven years. He joined the central bank in 2015 after a career in finance and has been vocal about developing China's digital currency . 

Xi's corruption crackdown

More than 1.5 million officials have been caught up in President Xi's yearslong campaign to root out corruption within the organs of the ruling party and state. Fan is among some 1,100 Chinese officials who have come under investigation this year alone.

While authorities say the crackdown has worked, critics allege these probes are a mere tool for Xi to dispose of political competition and quash dissent.

In February, the CCDI completed an inspection of 25 financial sector institutions, including financial regulators and the central bank. It was China's first coordinated inspection of the financial sector since 2015.

In September, former top security official Sun Lijun was found guilty of abusing his position over two decades and accepting bribes worth 646 million yuan ($90 million; €90.1 million). He was given a suspended death sentence, which will be commuted to life in prison after two years. Former justice minister Fu Zhenghua was given the same punishment, also for accepting bribes.

The anti-corruption watchdog is also investigating Sun Guofeng, the former head of the central bank's monetary policy department, for suspected violations.

mk/nm (AP, AFP, Reuters)