China central bank deputy governor faces corruption probe

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Andrew Feinberg

White House Correspondent

A deputy governor of China's central bank is under investigation on suspicion of “serious violations of discipline and law,” the ruling Communist Party's corruption agency said Saturday.

The Central Commission for Discipline Inspection did not provide any details of the allegations against Fan Yifei in a short statement posted online.

Fan, one of six deputy governors, has held the post for more than seven years, joining the People’s Bank of China in 2015 after a career in finance. In recent years, he has spoken often on China's efforts to develop a digital currency.

The Communist Party has carried out a sweeping crackdown on corruption under Chinese leader Xi Jinping. The campaign is popular with the public and has allowed him to sideline some potential political rivals.