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A
plunge in China's stock market over the summer and a surprise
devaluation in its yuan currency have roiled global markets,
stirring doubts about the government's ability to manage the
economy.
The events have put global investors and policymakers on edge as
China's economy appears set this year for its weakest
performance in at least a quarter of a century.
On Tuesday, the China Securities Regulatory Commission (CSRC)
said on its website that the worst violation involved illegal
share sales worth 183 million yuan ($28.76 million).
The CSRC also issued warnings to suspects after completing its
investigations in another 11 cases involving violations such as
insider trading and the spread of false information.
The campaign to find and punish those seen as responsible for
the market sell-off started soon after the June turmoil.
Most analysts, however, attribute the crash to the bursting of a
typical stock market bubble encouraged by official media and
fueled in large part by borrowed money.
The stock market regulator itself has been swept up in the
country's biggest ever crackdown on corruption.
State media last week said the Communist Party sacked Zhang
Yujun, the assistant chairman of the regulator, within days of
an announcement that he was the subject of a graft
investigation.
Chinese President Xi Jinping has launched a sweeping crackdown
on deep-rooted graft since taking over the party's leadership in
late 2012 and the presidency in 2013. Dozens of senior officials
have been investigated or jailed.
(Reporting by Chen Aizhu; Editing by Clarence Fernandez)
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