Fan Yifei, the Deputy Governor of the People’s Bank of China (PBC), has been fired. Since 2015 he has been responsible for payments and financial technology, including the digital currency department. On the topic of the digital yuan, the main PBC staff that have given speeches about the central bank digital currency (CBDC) were Fan Yifei and Mu Changchun, who leads the Digital Currency Research Institute, a division of the PBC.
The official one line statement says, “Fan Yifei, a member of the Party Committee and Vice President of the People’s Bank of China, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the State Supervision Commission.”
In the West, that might be considered an investigation. However, according to the Chinese press, the investigation has concluded, and he has been sacked. He no longer appears on the leadership page of the People’s Bank of China. And it is effectively the end of his career at the age of 58 after being apprehended on Friday afternoon.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
