China's anti-graft watchdog demotes four banking regulators

BEIJING (REUTERS) - China's top graft-buster agency has demoted four bank regulators for violating Communist Party rules and procedures, in the latest punishment issued to the country's financial sector in President Xi Jinping's three-year anti-corruption campaign.

Wang Yanyou, Communist Party secretary at the China Banking Association and former head of innovative supervision department at the China Banking Regulatory Commission (CBRC), was removed from his position for concealing the fact that his wife had become a US citizen, and for attending conferences without approval, the Central Commission for Discipline Inspection (CCDI) said in an online statement late on Friday (Nov 20).

Wang was also accused of accepting compensation and treatment beyond the level of his position, the CCDI said.

Jiang Fengli, former head of CBRC office in Nanyang, Henan province, was demoted for appointing staff against Communist Party procedure and taking cash gifts from CBRC staff at his daughter's wedding, according to the statement.

Two other regulators, both working at the CBRC's office in northern Liaoning province, were demoted respectively for gambling and promoting staff in violation of Communist Party procedure, the CCDI added.

In October, the CCDI launched its latest round of anti-corruption inspections, targeting 14 major financial institutions, including the central bank, banking regulator, insurance regulator, securities regulator, and the Shanghai and Shenzhen stock exchanges.

China's biggest policy and commercial banks, led by China Development Bank and Industrial and Commercial Bank of China, are also on the list of inspections.