Economics
China Financial Crackdown Intensifies as Funds, Banks Targeted
- Agricultural Bank president said taken away to assist probe
- Executives at Yishidun, Huaxin, Zexi detained, says Xinhua
The Communist Party’s Central Commission for Discipline Inspection is carrying out its first broad checks on the finance industry since President Xi Jinping became the party’s head in November 2012.
Photographer: Johannes Eisele/AFP via Getty ImagesThis article is for subscribers only.
China’s crackdown on its financial industry is intensifying as authorities investigate strategies blamed for exacerbating a $5 trillion stock-market rout.
Shanghai police raided hedge fund Zexi Investment on Sunday, taking away computers and other materials, according to a person familiar with the matter. General manager Xu Xiang was detained, the official Xinhua news agency reported. Executives at Yishidun International Trading and Huaxin Futures were arrested, Xinhua said in a separate report.