Former China Securities Chief Yi Huiman Under Corruption Investigation

Yi Huiman, the former chairman of China’s Securities Regulatory Commission (CSRC), is under investigation for serious violations of discipline and law, marking a significant move in China’s ongoing anti-corruption campaign within the financial sector. Yi was unexpectedly removed from his position in February 2024 amid a sharp selloff in domestic stock markets, though no official reason was initially provided for his ousting. The probe includes allegations of corruption and potential improper benefits obtained by his relatives during his tenure. This investigation reflects President Xi Jinping’s broader efforts to reform and strengthen governance in the financial industry, an area critical to China's ambitions to become a global financial powerhouse. Yi’s successor, Wu Qing, has taken over the CSRC leadership amid this crackdown. The case has heightened concerns about the stability and regulatory environment of China’s financial markets during a period of US-China tensions and possible financial decoupling.