Chinese authorities set to intensify financial corruption crackdown


Chinese authorities have warned the country’s top banking executives that the crackdown on the industry ‘is far from over’ in a recent private meeting.

According to Yahoo Finance, officials from the China Banking and Insurance Regulatory Commission and the Central Commission for Discipline Inspection called in executives from at least six big state-owned banks to address the probe of Bank of China’s former chairman Liu Liange.

The meeting was taking place just as the CCDI announced the investigation of Liu in a one-sentence statement, saying he is suspected of ‘serious violations of discipline and law’.

The CBIRC and the CCDI said they would deepen the crackdown on corruption in the financial industry, and that bankers should draw lessons from Liu, said the people. Banking staff, especially senior executives, must comply with laws and regulations and strengthen self-discipline, the people added.

Back in 2021, the People’s Bank of China (POB) officially announced that all transactions including cryptocurrencies were illegal with immediate effect.

The ban by the Chinese central bank has effectively ended all trading of digital tokens such as Bitcoin and Ethereum in the country – a region that had previously been one of the largest cryptocurrency markets globally.

The POB remarked that ‘virtual currency-related business activities are illegal financial activities’ that ‘seriously endangers the safety of people’s assets’.

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