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May 24, 2017

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China’s anti-graft body probes senior CBRC official

CHINA is investigating a senior banking regulator, the anti-corruption watchdog said yesterday, as the government steps up a crackdown on the financial sector.

Yang Jiacai, assistant chairman of the China Banking Regulatory Commission, is “suspected of a severe disciplinary violation,” the Central Commission for Discipline Inspection said in a statement announcing the probe.

The phrase is often a euphemism for corruption.

Yang, 56, is a native of Hubei Province and served for six years at China’s central bank before moving to the CBRC in 2003. Between 2007 and 2012, Yang was the CBRC’s director of bank supervision.

Yang is the latest high-ranking official of a Chinese financial regulatory body to be investigated in recent weeks.

The anti-graft commission said last month that Xiang Junbo, the head of the China Insurance Regulatory Commission, was also being probed.

Authorities are paying greater attention to the financial sector, particularly the vast amounts of unregulated and risky bank lending that has fueled China’s spectacular growth for years.


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