This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-asia-china-35618395
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
China replaces securities regulator Xiao Gang | China replaces securities regulator Xiao Gang |
(about 4 hours later) | |
China has removed the head of its securities regulator as it tries to tackle major volatility in its stock markets. | |
Xiao Gang was replaced by Liu Shiyu as the chairman of the China Securities Regulatory Commission (CSRC), state media report. | Xiao Gang was replaced by Liu Shiyu as the chairman of the China Securities Regulatory Commission (CSRC), state media report. |
Mr Xiao was in charge when China's markets crashed in mid-2015. | |
At one point, the Shanghai and Shenzhen stock exchanges lost as much as 40% of their value. | |
Mr Xiao, 57, who became the CSRC chair in March 2013, has been criticised for mishandling the crisis. | |
Under his watch, China's new "circuit-breaker" mechanism, designed to limit any market sell-off, was deployed twice in January in response to the stock market fall, but then was scrapped altogether after it caused even more panic. | |
"Somebody needed to bear responsibility after the suspension of the circuit-breaker system," Zheng Chunming, a Shanghai-based analyst at Capital Securities Corp, told Bloomberg News. | |
Mr Liu, 54, was previously the vice-governor of China's central bank - the People's Bank of China - before becoming chairman of the Agricultural Bank of China, the country's third largest lender, in 2012. | |
On Chinese micro-blogging site Weibo on Saturday, commentators played on Mr Liu's name to speculate whether his tenure would bring about a "bull market" or leave behind a "dead fish". | |
The announcement of the new CSRC chair comes ahead of two high-profile events for China - next week's meeting of G20 financial leaders in Shanghai, and the annual gathering of China's legislature in March. |
Previous version
1
Next version