China expels former Central Bank deputy governor from the party

Mr. Pham Nhat Phi (59 years old), has been the Deputy Governor of the People's Bank of China (PBOC), the country's central bank, since early 2015. However, he was suspended from his position and investigated from November 2022 by the Central Commission for Discipline Inspection (CCDI), according to Reuters.

Mr. Pham Nhat Phi, former Deputy Governor of PBOC, has been expelled from the Chinese Communist Party.

Before joining the PBOC, Mr. Fan held several senior positions at China Construction Bank and China Investment Corporation. He is the highest-ranking PBOC official to be investigated in the Beijing government's crackdown on the financial sector over the past two years.

Reuters quoted information from Chinese state media saying that CCDI concluded that Mr. Pham had received many benefits such as gifts, money, banquets, trips , golf and many other activities, violating regulations for a long time.

According to Chinese media, Mr. Pham has been profiting, participating in power-for-money agreements under the name of investment for a long time.

He also took advantage of his position to profit from loans and business activities, accepting bribes for many plots of land.

Mr. Pham was expelled from the Party and stripped of all his government positions. Any assets he illegally obtained will be confiscated and he will be prosecuted according to the law.

In recent years, Chinese President Xi Jinping is said to have intensified his crackdown on corrupt officials in the financial sector. Several senior PBOC officials, including Fan Yifei and former head of the PBOC monetary policy department Sun Guofeng, have fallen from grace amid corruption allegations.

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