What’s new: Wang Yonghong, a former director of the technology department at the People’s Bank of China (PBOC), is under investigation for alleged “serious violations of (Communist Party) discipline and laws,” a standard euphemism for corruption, China’s top graft-buster said Wednesday (link in Chinese).
Wang, 54, joined the PBOC in 1989, and served as director of its technology department from 2009 to 2016. He later worked for the central bank-owned China National Clearing Center, Rural Credit Banks Funds Clearing Center Co. Ltd., and state-owned Huida Asset Management.
The background: China’s amped-up anti-corruption campaign has brought down multiple officials and executives in the financial system over the past few years.
Recent high-profile cases include the investigations into Zeng Changhong, a former veteran official of China’s top securities regulator, Cai Jiangting, a senior official with China’s top banking regulator, and He Xingxiang, a vice president of the country’s biggest policy bank.
The ruling Communist Party recently kicked off a two-month inspection of the country’s major financial regulators, state-owned banks, insurers and bad-debt managers, in another effort to fight corruption in the financial sector.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Lin Jinbing (jinbinglin@caixin.com)
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