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.