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Wednesday, November 18, 2015, 15:16

3 PBOC officials warned for graft

By Agencies

BEIJING - Three Chinese central bank officials were given administrative warnings after investigators found their division had padded salaries and misused official vehicles, the Communist Party's corruption watchdog said on Wednesday.

The three all work for the People's Bank of China's credit reference center, and included its Communist Party boss Wang Xiaoming, director Cao Ningrong, and party chief of its discipline department, Gao Jun, the watchdog said in a brief statement.

"All levels of the People's Bank of China must take this as a warning," the watchdog added.

Meanwhile, a senior official at China's securities regulator has been "taken away", financial magazine Caixin reported, employing a euphemism often used to describe individuals assisting authorities with an investigation.

Citing unidentified sources, Caixin reported that it was not known whether Xi Longsheng, head of internal inspection at the China Securities Regulatory Commission (CSRC), was himself under scrutiny or assisting with an investigation into other people. The magazine also did not provide details of any authorities involved.

China's anti-corruption watchdog announced on Friday that it was investigating a deputy head of the CSRC, Yao Gang, for suspected "serious breaches of discipline".

China's financial regulators have been under heavy scrutiny since a meltdown in stock markets in mid-June. President Xi Jinping, who has launched a sweeping campaign against corruption, has also promised to give stock market investors adequate protection.

Sources also told Reuters earlier the government was considering bringing together its banking, insurance and securities regulators into a single super-commission, following a more than 40 percent slide in the stock market between mid-June and August that was blamed in part on poor inter-agency coordination.

3 PBOC officials warned for graft
The Chinese flag flies outside the offices of the China Securities Regulatory Commission in Beijing on July 9, 2015. (AFP PHOT O / GREG BAKER)

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