China corruption crackdown: President of AgBank - one of the mainland's top four lenders - 'relieved of his duties'

The president of Agricultural Bank of China, one of the nation's top four state lenders, has been relieved of his duties as the Communist Party's campaign against graft widens to more financial institutions, a source familiar with the situation said.

The source said Zhang Yun, who is also the bank's vice-chairman, did not attend a meeting called by the Central Commission for Discipline Inspection (CCDI) at the bank yesterday, while local media reports said Zhang had been taken away to assist with an unspecified investigation.

The CCDI, the graft watchdog, began its inspections of China's financial authorities, including the central bank and the securities watchdog, after a series of scandals in the sector highlighted by the summer's stock market rout.

Teams sent by the CCDI held meetings at the People's Bank of China, the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange over the weekend.

The meetings kicked off a review of the entire industry, which was expected to last two months, the agency said on its website on Saturday.

Zhang is the highest profile financial figure reported to be under investigation since the watchdog said in early September that Zhang Yujun, an assistant chairman overseeing brokerages and fund houses at the China Securities Regulatory Commission, had been held on suspicion of "serious disciplinary violations". The term is usually a euphemism for corruption.