Bank of China President Resigns
- Liu Jin resigned as vice chairman and president of the Bank of China, effective immediately, citing personal reasons.
- His resignation follows the earlier departure of former Chairman Liu Liange, who faced corruption charges amid a broader anti-corruption campaign.
- The financial sector in China is experiencing significant turmoil, particularly in real estate, raising concerns about the country's economic stability.
The Bank of China announced the resignation of its vice chairman and president, Liu Jin, on a Sunday, citing personal reasons without further elaboration. Liu Jin, who had been in the role since April 2021, confirmed that there were no disagreements with the Board and no issues requiring shareholder attention. His departure follows the resignation of former Chairman Liu Liange, who was under investigation for corruption, highlighting the ongoing anti-corruption campaign in China's financial sector. Liu Jin's previous roles included leadership positions at China Everbright Bank and the Industrial and Commercial Bank of China. His recent comments at the Global Wealth Management Forum emphasized the need for finance to support the real economy, contrasting with the Chinese Communist Party's approach, which has involved heavy regulation and stimulus measures. The financial landscape in China is currently unstable, particularly in the real estate sector, which has seen significant downturns and rising debt levels among major companies. China Evergrande Group, the most indebted company globally, exemplifies the crisis, with many investors seeking legal recourse. Additionally, foreign investment in China has sharply declined, prompting the government to downplay the situation while attempting to attract more investment. Recent changes in data reporting for foreign equity movements further obscure the financial environment, indicating a broader trend of uncertainty in China's economic future.