Chinese authorities on Wednesday charged Li Xiaopeng, the former chairman and party leader of the Everbright group, with violating the country's laws. This development took place in the middle of the global banking crisis.
Based on the report, the Central Commission for Disciplinary Inspection and the State Supervisory Commission have launched an investigation into the government-owned asset management group. The agency launched an investigation including five previously targeted financial firms.
The inspection is a new step by Chinese authorities to eliminate corruption in the financial sector. The authority last week announced that it would conduct a review of around 30 state-owned companies.
They added the China Banking Regulatory Commission, China Insurance and anti-corruption agencies have summoned six top state-owned bank executives. The recently launched investigation has shocked China's $60 trillion financial industry.
New measures are in place to control the risks that arise in the banking system. Policymakers are looking to restore growth and address the economic downturn.
As international markets trade lower due to ongoing banking failures, the crypto market is seeing a surge.
Bitcoin, the world's largest cryptocurrency recorded a price surge of 28% in the last 30 days. BTC is trading at an average price of $28,481, at the time of writing.
