Xiang Junbo, former chairman of the China Insurance Regulatory Commission, was accused of accepting bribes of more than 19.42 million yuan at a trial in Changzhou, Jiangsu Province, state-backed Xinhua News Agency reported.

Jiangsu Changzhou Intermediate People's Court said Xiang took advantage of his positions as deputy governor of the People's Bank of China, president and chairman at Agricultural Bank of China Ltd. and chairman at the CIRC between 2005 and 2017 to help some companies and individuals to undertake projects, handle cases, issue loans, approve qualifications and make job promotions.

The court said Xiang received 19.4 million yuan of benefits directly or indirectly from another person called Yang Guang.

Xinhua News Agency said Xiang repented and confessed in the court.

Xiang had been placed under investigation since April 2017 for suspected "serious disciplinary violations" and later removed as the head of the insurance regulator and expelled from the Communist Party.

The China Insurance Regulatory Commission merged with the China Banking Regulatory Commission as the China Banking and Insurance Regulatory Commission in March.

As of June 13, US$1 was equivalent to 6.40 Chinese yuan.