The People's Bank of China (PBOC). Photo: Jason Lee, Reuters
China’s Central Commission for Discipline Inspection (CCDI) has announced an investigation into the former head of the People’s Bank of China’s monetary policy department Sun Guofeng.
The announcement said the investigation was looking into suspected serious violations of discipline and laws, but did not provide more details.
The CCDI said Sun was fired from the PBOC in May. The move is not likely to change China’s monetary policy nor affect the ecoomy, as the PBOC has far less policy independence than its Western counterparts, with monetary policy set by the cabinet or the Communist Party’s Politburo.
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China’s President Xi Jinping has stepped up anti-corruption efforts in recent years, targeting Communist Party officials in the financial sector.
In February, the CCDI finished a far-reaching series of inspection of institutions that included the central bank, the banking and insurance regulator, stock exchanges, commercial banks and asset-management companies. It was China’s first such coordinated inspection of the sector since 2015.
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