What’s new: Chen Yaoming, a member of the Communist Party committee and director of China Banknote Printing and Minting Corp. (CBPMC), is being investigated on suspicion of “serious violation of (party) discipline and law,” a common euphemism for graft, after turning himself in to authorities, an official statement (link in Chinese) shows.
Having joined the state-owned money printing company at the age of 20, Chen, 57, served across its departments and subsidiaries, according to China’s top graft-buster in an announcement Wednesday. He became a deputy general manager of CBPMC in 2001, and director in January this year.
The background: In July, a former general manager of the money printing company, He Lin, who retired in 2018, was put under investigation on similar charges.
Beijing-based CBPMC, founded in 1984 and wholly controlled by the central bank, is responsible for the design, research and development, printing and minting of the yuan, China’s legal tender.
Related: Former Chief of China’s Mint Faces Graft Probe
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
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