On November 5th, local time, the CCP media reported that Fan Yifei, the People’s Bank of China’s deputy governor was the subject of a disciplinary review and investigation. He was allegedly suspected of major infractions of both the law and the discipline. Following the 20th National Congress of the CCP, Fan Yifei was the first top official to be dismissed.
The Central Commission for Discipline Inspection and State Supervision Commission provided no justification for Fan Yifei’s alleged behavior in a brief statement. 58-year-old Fan Yifei is one of the six deputy governors of the central bank of Communist China, who has a doctorate from the Renmin University of China and a master’s degree from Columbia University. Fan Yifei, who is also one of the key proponents of the digital renminbi ( RMB ), previously held executive positions at Bank of Shanghai Co., Ltd, China Construction Bank, and China Investment Corporation.