China’s top anti-corruption watchdog announced that it was probing the nation’s central banking head of monetary policy, amidst media reports alleging leaked economic data that could be exploited for personal gains.
Sun Guofeng is under investigation by the Central Commission for Discipline Inspection for «suspected serious violation of laws and discipline», according to a statement, without any additional details.
Sun was most recently the head of monetary policy at the People’s Bank of China (PBoC), where he has been working since 1996.
According to a PBoC-affiliated newspaper, Sun was replaced by financial market depart head Zou Lan.
Economic Data Leak
Separately, a «Wall Street Journal» report citing unnamed sources said that the probe is focused on whether or not Sun had leaked macroeconomic indicators to individual bond traders in exchange for personal gains.
Another article written by PBoC’s head of financial stability bureau Sun Tianqi and published in 2021 said that certain individuals occupying key posts had sought personal gain from their privileged access to key economic data before the official release with manipulation of government bond futures market by traders at some major institutions.
Sun was taken away for investigation yesterday when he arrived at the PBoC offices and his wife, who works at the China Central Depository & Clearing Co., was also taken away on the same day, according to a report by «Caixin».
Since October last year, at least 40 officials in the financial industry have been investigated or penalized as part of a broader crackdown on the sector.
