China’s corruption crackdown ensnares high-ranking monetary official Sun Guofeng
- Dozens of financial officials have been detained since October, when the party launched a wave of inspections into financial institutions and regulators
- Sun, who had been with the People’s Bank of China for more than a quarter century, is suspected of ‘serious violations of discipline and the law’ – a euphemism for corruption
A senior Chinese monetary policymaker is under investigation by the party’s top antigraft watchdog, in the latest sign that Beijing’s sweeping disciplinary crackdown on the nation’s financial sector has accelerated at the upper levels of the central bank.
Sun Guofeng, 49, head of the monetary policy department at the People’s Bank of China (PBOC), was removed from office this month and is now subject to a disciplinary review and supervisory investigation on suspicion of “serious violations of discipline and the law” – a common euphemism for corruption.
Sun attended a press conference in person on April 14 to discuss an easing of monetary policy.
The announcement made Sun the latest addition to a growing list of detentions and charges announced against high-ranking financial officials and premier institutions’ managers.