Ex PBOC deputy head pleads guilty to graft

Former People's Bank of China vice-governor Fan Yifei pleaded guilty to accepting bribes at Huanggang Intermediate People's Court in Hubei province on Thursday.

From 1993 to 2022, Fan took advantage of his positions, such as deputy head of China Construction Bank's fund planning division, chairman of the Bank of Shanghai, vice-president of China Investment Corporation and vice-governor of the central bank, to seek profits for individuals and departments in loan financing, business contracting and work promotion, prosecutors said.

In return, Fan accepted bribes worth more than 386 million yuan ($53.3 million), they told the court.

Fan and his lawyer shared their opinions on the accusation, and Fan confessed to the offense.

The sentence will be announced later. More than 40 people, including national lawmakers and political advisers, attended the hearing.

Fan, 59, a native of Jiangsu province, graduated with a doctorate in finance from Renmin University of China. He joined the Communist Party of China in 1991 and worked in the country's banking system for decades.

He became vice-governor of the central bank in February 2015.

Fan was placed under disciplinary and supervisory investigation in November 2022, becoming the first high-ranking official known to have been investigated after the 20th National Congress of the CPC, which was held in October that year.