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China Merchants Bank names new chief

China Merchants Bank has appointed Wang Liang as its new chief following the removal of Tian Huiyu, 56, who is accused of serious violations of discipline and law. Wang becomes the fourth president of China’s top retail bank. Tian was placed under investigation by the Central Commission for Discipline Inspection, China's top anti-graft body. It said that it is also investigating senior central banker Sun Guofeng for suspected leaking of official economic data. The investigation is focusing on whether Sun, who had worked at the central bank since the late 1990s, shared macroeconomic indicators, such as those measuring inflation, with individual bond traders at select financial institutions in exchange for personal gain. Sun, who was the head of the monetary policy department, is under investigation also for suspected serious violation of laws and discipline.

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