China’s anti-corruption agencies are investigating a now-dismissed senior central bank official, according to an official statement dated May 19.

The statement says the agencies are proceeding against Sun Guofeng – until recently head of the People’s Bank of China’s (PBoC) monetary policy department – for “serious violations of discipline and law”. This term often refers to corruption-related offences, according to media reports.

Several media outlets report that investigators are alleging Sun