Bangladesh, Sept. 9 -- Chinas anti-corruption campaign has entered a new and politically sensitive stage with the announcement that Yi Huiman, the former head of the China Securities Regulatory Commission (CSRC) and one of the most influential figures in the countrys financial system, is under investigation for “serious violations of discipline and law.” The probe, launched by the Central Commission for Discipline Inspection (CCDI) and the National Commission of Supervision, reflects both the political weight of Beijings long-running anti-graft efforts and the mounting pressures facing Chinas fragile financial sector.

Yis case is particularly significant because of his stature and the roles he has occupied. A career banker wh...