China's anti-graft watchdog demotes four bank regulators

Beijing

CHINA'S top graft-buster agency has demoted four bank regulators for violating Communist Party rules and procedures, in the latest punishment issued to the country's financial sector in President Xi Jinping's three-year anti-corruption campaign.

Wang Yanyou, Communist Party secretary at the China Banking Association and former head of innovative supervision department at the China Banking Regulatory Commission (CBRC), was removed from his position for concealing the fact that his wife had become a US citizen, and for attending conferences without approval, the Central Commission for Discipline Inspection (CCDI) said in an online statement late on Friday.