China probes se­cu­ri­ties reg­u­la­tor’s deputy head

Kuwait Times - - BUSINESS -

BEIJING: The deputy chief of China’s top se­cu­ri­ties reg­u­la­tor is un­der in­ves­ti­ga­tion, state me­dia said Fri­day, as the coun­try moves the fo­cus of its sweep­ing anti-graft cam­paign to the fi­nan­cial sec­tor months af­ter a stock mar­ket rout rocked global mar­kets.

The of­fi­cial Xin­hua news ser­vice said Yao Gang, vice chair­man of the China Se­cu­ri­ties Reg­u­la­tory Com­mis­sion (CSRC), has come un­der sus­pi­cion of com­mit­ting “se­vere dis­ci­plinary vi­o­la­tions”-nor­mally a eu­phemism for graft. Chi­nese au­thor­i­ties have been pur­su­ing a hard-hit­ting cam­paign against crooked of­fi­cials since Pres­i­dent Xi Jin­ping took of­fice in 2013, a cru­sade that some ex­perts have called a po­lit­i­cal purge.

In Oc­to­ber, China’s anti-cor­rup­tion watch­dog said it would ex­pand its in­spec­tions to ma­jor fi­nan­cial in­sti­tu­tions, in­clud­ing the cen­tral bank and reg­u­la­tory au­thor­i­ties, which are al­ready un­der pres­sure af­ter a spec­tac­u­lar stock mar­ket melt­down.

The an­nounce­ment last month said that the new round of in­spec­tions will cover the cen­tral Peo­ple’s Bank of China, the China Bank­ing Reg­u­la­tory Com­mis­sion, China In­sur­ance Reg­u­la­tory Com­mis­sion and the CSRC, among a long list of oth­ers.

China In­vest­ment Corp, the world’s largest sov­er­eign fund, com­mer­cial banks ICBC and the Bank of China and the coun­try’s ma­jor in­sur­ance com­pa­nies will also come un­der scru­tiny.

The anti-cor­rup­tion watch­dog will also ex­am­ine stock ex­change op­er­a­tors in Shang­hai and Shen­zhen, and the par­ent com­pany of ma­jor bro­ker­age Citic Se­cu­ri­ties. —AFP

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