trending Market Intelligence /marketintelligence/en/news-insights/trending/xgmuluc7lesuos1dystbhg2 content esgSubNav
In This List

Report: Former Chinese banking regulator sentenced to prison


Banking Essentials Newsletter: 17th April Edition


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Report: Former Chinese banking regulator sentenced to prison

Yang Jiacai, a former assistant chairman of the China Banking Regulatory Commission, was sentenced to 16 years in prison for accepting bribes, Reuters reported July 26, citing an online report by state-run media Securities Times.

Yang was accused of accepting about 23.1 million yuan worth of bribes, according to the Puyang Intermediate People's Court in Henan, China.

The court was unavailable to comment on the matter, the report noted.

In March, China merged its banking and insurance regulators in a bid to enhance scrutiny of the country's financial system and amid a crackdown on irregularities in the financial industry.

The newly formed regulator, the China Banking and Insurance Regulatory Commission, is headed by Guo Shuqing.

As of July 26, US$1 was equivalent to 6.79 Chinese yuan.