February 5 2016
China’s anti-corruption body found “major problems” in the country’s financial systems, local media reported Friday. Taking bribes, spending public money on overseas travel and using official data for personal gain were some of the common malpractices documented by the Communist Party corruption watchdog, the Central Commission for Discipline Inspection (CCDI).
The two-month review criticized four financial regulators — the People’s Bank of China (PBoC), State Administration of Foreign Exchange, China Banking Regulatory Commission and China Securities Regulatory Commission — for misusing public funds.
The review noted that officials from PBoC, China’s central bank, had spent public money on extravagant gifts, while at the banking regulator, funds were spent on holidays. The watchdog also reportedly found that some job promotions at the foreign exchange regulator were “not standard enough.”