This is the best summary I could come up with:

China has arrested the former head of one of the country’s largest commercial banks on charges of accepting bribes and illegally granting loans, amid a two-year anti-corruption drive targeting the financial sector.

President Xi Jinping has made fighting corruption a key part of his political project as he has cemented his position as paramount leader.

The CCDI has warned the financial sector against “hedonism” and “high-end lifestyles”, while banks have reportedly reduced bonuses and pay for top staff.

Xi has long said that the financial sector must serve the real economy, which is struggling with slowing growth and high youth unemployment.

Other people in the financial sector under investigation or charged include Wang Yawei, a star fund manager in China, according to Reuters.

Liu was expelled from the Communist party last week, after accusations by the CCDI that he brought prohibited publications into the country, illegally took bribes and accepted entertainment at private clubs and ski resorts.

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