The Chinese government has sentenced the former central bank governor to death.

The former governor of China's Central Bank, Liu Liange, was sentenced to a suspended death penalty for bribery. The presiding judge indicated that Liu Liange's suspended death sentence for bribery reflects the increased scrutiny of the country's $66 trillion financial sector.

According to state broadcaster China Central Television, Liu's sentence will be suspended for two years, and all of his assets will be confiscated. This means that if the convict Liu complies during this period, he may escape execution.

THREE NAMES RECEIVED DEATH SENTENCE IN A YEAR

Liu was one of the top bankers involved in the extensive crackdown on corruption in the financial sector initiated by President Xi Jinping at the end of 2021. Liu's sentencing follows at least two other senior financial officials being sentenced this year as Xi continues his anti-corruption campaign.

According to the report, Liu, who was placed under investigation last March, was found to have received 121 million yuan ($17 million) in bribes and illegally facilitated the granting of 3.3 billion yuan in loans.

Other financial executives sentenced to suspended death penalties include former China Merchants Bank Co. president Tian Huiyu, former China Citic Bank Corp. president Sun Deshun, and former China Life Insurance Co. president Wang Bin.

"THERE ARE ALSO EXECUTIONS"

Former China Huarong Asset Management Co. president Lai Xiaomin was executed in January 2021 for bribery and other crimes.