PBC Photo:Xinhua

The former chairman of China's precious metal producer China Gold Coin Incorporation Mu Shangang is suspected of serious violations of laws and discipline, and is subject to a disciplinary review as well as supervisory investigation, according to a statement published by the Central Commission for Discipline Inspection (CCDI) and National Supervision Commission, the country's top anti-graft watchdog. 

Born in January, 1964 in Northeast China's Heilongjiang Province, Mu joined the Communist Party of China in 1985. He had held various positions at the People Bank of China (PBC), China's central bank,from 1988 onwards, including the formal director of PBC's office service center. 

Mu has also assumed the role of general manager, the Communist Party secretary and chairman at the China Gold Coin Incorporation from between November 2017 and December 2021, the statement read. The China Gold Coin Incorporation is a company affiliated with the PBC that produces precious metals and other commemorative products.

Investigation into Mu is another example of Chinese regulators' efforts to combat graft within the country's financial sector. 

Earlier in December 2021, Chen Yaoming, the Board Director of the China Banknote Printing and Minting (CBPM), China's official currency printing company, was also investigated on serious legal and disciplinary violations after turning himself in to authorities, an official statement revealed. 

The PBC has denied rumors that Chen was investigated because he was suspected of printing banknotes with the same code number totally 2 trillion yuan ($315 billion) without authorization.

Global Times