In the official news, no explanation was made on the reasons for Fan Yifei’s investigation. According to a report by Lu media Securities Times, Fan Yifei was still in a meeting around noon on the 4th, and was taken away from his work unit in the afternoon. He had just attended the central bank and the foreign exchange bureau the day before to study and implement the CCP’s “20th National Congress of the Spirit.” . It is reported that the meetings he will attend in the near future have been arranged, but he did not expect to be taken away for investigation without warning.
However, Lu Media Caixin reported on the 5th that rumors that Fan Yifei was taken away by the Central Commission for Discipline Inspection of the Communist Party of China for interviews began last year, and Fan Yifei’s secretary had also been arrested.
According to reports, Fan Yifei, born in 1964, holds a doctorate in economics from Renmin University of China and a master’s degree in international economics from Columbia University. From 1982 to 2010, he worked in China Construction Bank, up to the deputy governor. In February 2015, he became the deputy governor of the central bank, becoming the youngest member of the central bank’s leadership team at that time. Currency and other sectors and businesses. In August this year, Zhang Qingsong took over the payment business after he became the vice president. It was rumored at the time that Fan Yifei was expected to be in charge of the credit bureau in this personnel change, but was eventually dismissed by his superiors on the grounds that “Fan Yifei is not suitable to be in charge of all market-related departments.”
Market analysis believes that more than 200 cards issued by China’s payment industry in recent years have exposed serious management and regulatory problems. Now that Fan Yifei is under investigation, it may trigger a new round of shocks in the payment industry.
When Fan Yifei was at CCB, he was an old subordinate and “chief financial officer” of the current vice-chairman of the Communist Party of China, Wang Qishan. Wang Qishan served as the president of CCB from 1994 to 1997. During this period, Fan Yifei served as assistant to the general manager and manager of the accounting department of CCB Trust and Investment Company, deputy director of the capital planning department and general manager of the financial accounting department of CCB Head Office.
The Beijing authorities’ crackdown on the financial and insurance sector had already begun before the 20th National Congress of the Communist Party of China. From January to the end of September this year, 52 officials from financial institutions at the central level have been censored, according to the official Legal Daily. If counted from 2020, a total of 106 officials of central-level financial units will be subject to scrutiny, including 28 officials from financial supervision departments and 78 officials from financial institutions.
Among them is Tian Huiyu, another old subordinate of Wang Qishan when he was in the construction of the bank. When Tian Huiyu was in CCB, he served as secretary of Wang Qishan, and later served as secretary of the party committee and president of China Merchants Bank Co., Ltd. On October 8 this year, Tian Huiyu was double-opened.