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Former China Development Bank official sentenced to jail for graft

A former China Development Bank Corp. senior official was sentenced to 14 years in prison and fined 3.5 million yuan for accepting bribes, Reuters reported Aug. 5, citing China's anti-graft watchdog.

The Central Commission for Discipline Inspection said Yao Zhongmin, former head of the supervisory board at the development bank, accepted 36.2 million yuan in bribes between 2002 and 2013. The bribes were made in exchange for help with loans and other contract work, the commission said.

Yao, who was placed under investigation in 2016, was given a lighter sentence due to his admission of guilt and cooperation in disclosing the location of the proceeds of the bribes.

China has been stepping up efforts to curb corruption in the country, leading to a series of investigations into banking and regulatory officials. Recently, the country's banking regulator tightened rules that restrict regulatory officials and their relatives from joining banks to limit corruption risks.

As of Aug. 4, US$1 was equivalent to 6.72 Chinese yuan.