Yi Huiman, who once headed the China Securities Regulatory Commission and the world’s largest bank, faces investigation for “serious violations of discipline and law.”
China’s top anti-corruption watchdog has launched an investigation into Yi Huiman, the former head of the China Securities Regulatory Commission (CSRC) and a veteran of the country’s banking sector.
The Central Commission for Discipline Inspection and the National Commission of Supervision claimed that Yi, 61, is suspected of “serious violations of discipline and law” and is under disciplinary and supervisory review.
Yi is one of the most prominent financial officials to face scrutiny in recent years. He spent decades in China’s state-owned banking system, rising to chairman of the Industrial and Commercial Bank of China (ICBC), the world’s largest lender by assets. In 2019, he was appointed to lead the CSRC, the market regulator that oversees China’s stock exchanges and public listings.
His tenure ended abruptly in February 2024 after market turmoil erased an estimated €3.2 trillion ($3.76 trillion) in investor value. The losses rattled confidence and raised questions about governance in the financial sector. Yi was removed from his post amid mounting criticis.
Despite his dismissal, Yi remained within the political system. In June 2024, he joined the Chinese People’s Political Consultative Conference, the country’s top advisory body, and became deputy head of its economic affairs division. His status in that role is unclear as the probe proceeds.
The CCDI statement did not provide details of the alleged misconduct — a common practice in Chinese corruption cases, where investigations often remain secret until charges are announced. It said only that Yi is under review for potential breaches of Communist Party discipline and national law.
Yi is the second CSRC chief in a decade to face corruption allegations. His case adds to a series of probes targeting senior figures in China’s financial system, part of President Xi Jinping’s sweeping anti-graft campaign.
Observers noted that the scope of the investigation is still uncertain.
“The ex-CSRC head corruption case will ensnare many Zhejiang companies, as Mr. Yi grew up in Zhejiang, and is gossipped to have a big family. But investigations can be big or small and based on the two line official release, it’s likely not yet decided on how wide to cast the net,” wrote Liqian Ren, director at WisdomTree Asset Management, in a post on X.
She added in Chinese that corruption in China is systemic and, without structural changes, will remain widespread. “Some small changes, without altering the political system, could help — for example, a focused review of the financial system. Whether that is the thinking now is unclear. If yes, that’s positive; if not, this will just be a short pause before corruption in finance continues.”
