Former Deputy Central Bank Governor of China, Fan Yifei, Charged with Bribery in Anti-Corruption Drive

Former deputy central bank governor of China, Fan Yifei, has been charged with bribery, as reported by China’s state news agency Xinhua. This development marks a significant development in President Xi Jinping’s anti-corruption campaign, targeting high-ranking officials in the financial sector.

Key details of the case:

• Fan Yifei, aged 59, is the highest-ranking official from the People’s Bank of China to face prosecution in President Xi’s anti-graft drive, which has been ongoing for the past decade. The campaign aims to root out corruption among officials in various sectors, including finance.
• Fan had a long career in the banking and finance industries and assumed the role of vice-governor at the People’s Bank of China in February 2015.
• According to Xinhua, Fan is accused of exploiting his positions at China Construction Bank, China Investment Corp., and the central bank to provide benefits to others in exchange for a significant amount of bribes. However, specific details regarding the nature and scope of the alleged bribery were not disclosed.
• As of the reporting date, Reuters had not been able to reach Fan for a comment on the charges.
• In June, Fan was expelled from the Communist Party and removed from his central bank post due to serious violations of discipline and the law, as reported by state media. He had previously been placed under disciplinary review and supervisory investigation in November 2022, leading to his removal as vice-governor one month later.

This prosecution underscores the Chinese government’s commitment to combat corruption at high levels of government and in key sectors of the economy, including the financial industry. Fan Yifei’s case serves as a notable example of the continued efforts to hold officials accountable for corrupt practices.