Former Banknote Printing Corp board director under investigation for corruption

China's top anti-corruption authorities said on Monday that they are investigating former China Banknote Printing And Minting Corp board director Chen Yiqing for suspected severe violations of Party discipline and laws.

The investigation is being jointly conducted by the Communist Party of China Central Commission for Discipline Inspection's supervisory team based in the People's Bank of China and the supervision department in Xianyang, a city of Shaanxi province.

The corporation is a large State-owned enterprise funded by the PBOC, which specializes in designing, developing and printing renminbi as well as in offering services for cash management.

Chen's investigation comes after two other former senior officials of the corporation were removed from the Party for suspected corruption. In June 2022, He Lin, former deputy party secretary of the corp, was removed from the Party for suspected severe violations of discipline and the law. In April 2022, Chen Yaoming, former member of the corp's Party committee, was also removed from the Party and the work position for suspected serious violations of discipline and the law.

The investigation into Chen is part of China's ongoing crackdown on corruption. The country has vowed to crack down on corruption at all levels, and has punished thousands of officials for graft in recent years.