A former deputy governor of China's central bank has been accused of receiving large bribes during his time as a high-ranking official, state media said Thursday, the latest development in a decade-long crackdown on corruption.

Fan Yifei first came under investigation in November 2022 for "suspected violations of discipline and law", a term typically used in cases of alleged graft.

Chinese President Xi Jinping has overseen a wide-ranging crackdown on official corruption since coming to power just over a decade ago.

Fan is now accused of illegally receiving "property worth more than 386 million yuan ($53 million)", Chinese state broadcaster CCTV said.

The illegal actions allegedly took place between 1993 and 2022, the report said.

The court adjourned after an initial public hearing on the bribery case in the central province of Hubei on Thursday and a verdict will be announced later, CCTV said.

The ruling Communist Party's internal anti-graft agency said in June 2023 that Fan "severely violated professional duties" and was suspected of having taken bribes.

The Central Commission for Discipline Inspection said at the time that he had been dismissed from public office, had his illegal income confiscated and had been referred for criminal prosecution.

Proponents say Xi's anti-corruption drive promotes clean governance but critics argue it also serves as a way for him to purge political rivals.

The graft-busting campaign has recently honed in on China's financial and banking sectors.

Li Jiping, the former vice-chief of the state-owned China Development Bank, came under investigation last month, while Tian Huiyu -- former head of the state-backed China Merchants Bank -- was handed a suspended death sentence for bribery in February.