PBOC Chief Vows to Curb Corruption After Ex-Official’s Arrest

(Bloomberg) -- A top Chinese central bank official called for persistent efforts to tackle corruption and better training for younger staff after a former deputy governor was arrested on suspicion of bribery.

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Guo Shuqing, Communist Party chief of the People’s Bank of China, said there’s still room to improve anti-corruption work in the financial sector, according to a statement published Tuesday. He made the comments at a recent meeting with senior staff at the PBOC and the State Administration of Foreign Exchange.

Guo urged employees to draw lessons from cases including Fan Yifei, the ex-PBOC deputy governor who was expelled from the party recently for a list of wrongdoings, including allegedly taking “massive” amounts of bribes. Fan, who oversaw payments regulation and the development of the digital yuan at the central bank, was arrested and his case was being processed, state-run CCTV reported Tuesday.

Fan was investigated by the Central Commission for Discipline Inspection, the Communist Party’s top graft buster, late last year — one of the highest-ranking central bank officials to be swept up in China’s intensifying corruption crackdown in the financial sector in recent years.

During the meeting with Guo, CCDI official Qu Jishan reported cases of law and discipline violations within the central bank, and urged officials to rein in managers in key positions, according to the PBOC’s statement. Qu also called for cracking down on “hedonism” among employees and stepping up top-down supervision within the party organization.

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