The general manager of the Shanghai Stock Exchange, Wei Wenyuan, has stepped down under pressure from Beijing. Wei presided over rapid expansion of the exchange to its current $30 billion capitalization, but fast growth also contributed to a rash of scandals that gave Beijing an opening to push him out. His replacement, Yang Xianghai, will likely be more conservative. He will put more emphasis on regulation, while slowing new issues and braking controversial plans such as opening the A-share market to foreign money.

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