Business

Senior Chinese banking regulator under probe

BEIJING A senior official at the China Banking Regulatory Commission (CBRC) is under investigation for suspected links to a loan scandal, financial magazine Caixin reported, citing sources close to the matter.

Mr Yang Jiacai, assistant chairman of CBRC, has been under investigation since April 9 in connection with the scandal in Hubei province, Caixin said on Saturday, following days of rumours circulating online that Mr Yang had gone missing.

China's graft watchdog on April 9 also announced an investigation into the chairman of the country's insurance regulator, Mr Xiang Junbo - the most senior financial regulator to be investigated as part of a government fight against graft.

Caixin reported on Friday that Mr Yang had been relieved of his duties, citing people with knowledge of the matter.

His last public appearance was on April 7 speaking at a news conference about new risk control guidelines for lenders as part of efforts to contain risks from a rapid build-up in debt.

China's top leaders have pledged this year to address financial risks and asset bubbles.

Mr Yang and his wife and son were all placed under investigation due to their suspected involvement in a loan scandal in Hubei, Mr Yang's home province, Caixin said.

Mr Yang spent most of his career in Hubei and was deputy head of the central bank's Wuhan city branch there from 1997 to 2003, according to his official profile.

According to the article, investigations into the scandal have already led to a number of official probes, including into the chief risk officer of China's Bank of Communications, Mr Yang Dongping, who was expelled from the party on FebĀ 24. - REUTERS

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