A top Chinese securities regulator, who played a major role in recent efforts to stabilize the stock market, has been placed under investigation.
The Communist Party’s Central Commission for Discipline Inspection said on Wednesday Zhang Yujun, assistant chairman of China Securities Regulatory Commission, was being investigated for alleged serious violations of discipline, a term commonly used to refer to corruption.
The probe into Zhang’s activities is the latest in a series of actions undertaken by Chinese officials as they look for ways to stem huge losses in the stock market, the Wall Street Journal reported.
China’s main stock index is now down nearly 40 percent from its June peak and down 2.6 percent since the beginning of the year, though it is still 35 percent higher than a year ago, the newspaper said.
Authorities on Tuesday said Cheng Boming, president of state-owned brokerage Citic Securities Co. Ltd. and other senior operational officials were under investigation on suspicion of leaking and trading on inside information.
Citic Securities said it is cooperating with investigators.
– Contact us at [email protected]