What’s new: China’s top anti-graft agency is investigating a senior securities regulator, as the country continues its crackdown on corruption at financial watchdogs.
Yao Qian, director of the technology supervision department and the IT service center of the China Securities Regulatory Commission (CSRC), is under investigation for suspected “severe violations of (Communist Party) discipline and law,” the Central Commission for Discipline Inspection announced Friday.
The phrase is a common euphemism for corruption.
The background: Yao, who is in his mid-50s, is a veteran technocrat who headed the People’s Bank of China’s digital currency research institute from 2017 to 2018, after serving in various positions at the central bank from 2010 onwards.
Yao’s earlier work experience included stints at a petrochemical company, the CSRC from 1997 to 2002, and China Securities Depository and Clearing Corp. Ltd. (CSDC), a state-owned securities settlement service provider, from 2002 to 2010.
He returned to CSDC as general manager in 2018, and was tapped to lead the CSRC’s new technology supervision department in 2020.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
