Caixin
Dec 22, 2020 05:12 PM
FINANCE

Former Central Bank Official Investigated for ‘Serious Violations’

What’s new: A former head of the Lanzhou branch of the People’s Bank of China is under investigation on suspicion of “serious violations of (Communist Party) discipline and law,” China’s top anti-graft agency said in a statement (link in Chinese) on Monday.

Yang Mingji, 62, served as president and Communist Party chief of the central bank’s Lanzhou branch in the northwestern province of Gansu from 2003 to 2012. After he left the central bank in 2012, he worked in senior roles at state-owned financial institutions.

What’s the background: The move is part of China’s ongoing campaign against corruption in the financial regulatory system. Earlier this month, Yang Biao, a former central bank online payment regulator, admitted in court to accepting bribes after he was put under investigation in October 2019.

In 2019, China’s top graft buster detained 22 regulatory and company officials in corruption investigations in the banking and insurance sectors involving more than $200 million.

Related: China Cracked Down on $212 Million of Financial Corruption in 2019

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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