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As a senior official, Xiang lost his faith in the Party, and his wrongdoings were of a grave nature. He should be punished severely, the statement said.
As central bank bills can be pledged as collateral, the PBOC hopes the swap program will make perpetual bonds more attractive to dealers and improve market expectations.
As a result, the nation's fast-expanding railway network reached a total length of 139,000 km by the end of last year, while the high-speed rail network exceeded 35,000 km, a year ahead of China's plan to build a total of 30,000 km of high-speed railway lines by 2020.
As global trade tensions mount, "it's important that the international trade system remains intact because that's important for our mission, for poverty reduction, and for developing countries as a whole," he said.
As an important means to reduce SOE leverage, debt-to-equity swaps have been accelerated, allowing companies with long-term potential to exchange their debt for stocks. By the end of June, 12 central SOEs had signed debt-to-equity swaps agreements, she added.
