Chinese news sources announced today that Finance Minister Jin Renqing was resigning "for personal reasons." The Shanghaiist was more blunt, saying that he had been "removed."

At age 63, Jin has been the Finance Minister since March 2003. He is being replaced by Xie Xuren, currently the director of the State Administration of Taxation. Because Jin is not old enough to retire yet he is being moved to a deputy position at a government think-tank. The Shanghaiist, continuing with a blunt assessment, said he was being left there to rot...

From the available fodder in the rumor mill it seems that Jin's downfall is tied to a sex scandal involving a woman who may (or may not) have been his mistress and who was also involved with other Chinese officials currently being investigated. This would fit with the explanation of "personal reasons" as that term has been used in the past.

The most important aspect of this piece of news? The change in this cabinet level position on finance seems to have no policy implications what so ever.