Update | Assistant chairman of China Banking Regulatory Commission, Yang Jiacai, reported to be ‘out of contact’
Yang made last public appearance a week ago, during which he introduced some heavy-handed regulatory moves planned by the CBRC
China may have taken down another senior financial figure in the banking sector, just days after its ongoing anti-corruption campaign targeted top insurance regulator Xiang Junbo.
Fifty-six-year-old Yang Jiacai, assistant chairman of the China Banking Regulatory Commission (CBRC) was reported to be “out of contact” since Tuesday, April 11, by Chinese media Caixin and Caijing.
The commission has not replied to questions on the matter made by the South China Morning Post so far.
Caixin reported Yang had transferred all his responsibilities to his colleague, the commission’s vice-chairman Cao Yu.
Market sources are circulating the message that Yang is related to the investigation of Xiang, chairman of the China Insurance Regulatory Commission, who fell under investigation last Sunday.
The People’s Daily, the Communist Party’s mouthpiece, said “the good part of the play has yet to come”, in a story published in its subordinate new media edition on Monday when commenting on Xiang’s fall from grace, suggesting it had just raised the bar for a broader-scale anti-corruption campaign across the financial sector.
Yang made his last public appearance a week ago during a press conference for the CBRC, during which he introduced some heavy-handed regulatory moves planned by the commission.