China's banks, insurance companies and stock exchange operators to face Communist Party corruption probe

The mainland's anti-corruption watchdog said it would expand its inspections to major financial institutions including the central bank and regulatory authorities, which are already under pressure after a spectacular stock market meltdown.

After a series of probes into large state-owned enterprises, in particular oil firms, the Central Commission for Discipline Inspection now plans to target the financial sector.

The new round of inspections would cover the central People's Bank of China, the China Banking Regulatory Commission, China Insurance Regulatory Commission and the watchdog China Securities Regulatory Commission (CSRC), according to a list posted online on Friday.

China Investment Corp (CIC), the world's largest sovereign fund, commercial banks ICBC and Bank of China and the country's major insurance companies would also come under scrutiny.

The anti-corruption watchdog would also examine stock exchange operators in Shanghai and Shenzhen, and the parent company of major brokerage Citic Securities.

After soaring 150 per cent in one year, the two bourses went into a tailspin in June that extended into August, tumbling nearly 40 per cent despite massive state intervention at a cost of hundreds of billions of dollars.