Liu Picked to Cure China's Stock Hurt After $5 Trillion Rout
- Xiao Gang removed after less than three years in the role
- Liu was formerly chairman of Agricultural Bank of China
China Names New Top Regulator
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The new head of China’s securities regulator has been tasked with restoring confidence after policy missteps by his predecessor rattled investors and helped deepen a $5 trillion rout.
Liu Shiyu is assuming oversight of the world’s second-largest stock market in the wake of last summer’s slump that saw Xiao Gang criticized for mismanagement. As well as needing to rebuild morale among the nation’s 99 million investors, Liu will preside over an overhaul of initial public offerings, the planned expansion of a trading link with Hong Kong and a campaign to get the nation’s shares included in MSCI Inc.’s global indexes.