China State-Bank Chiefs Quit Amid Speculation of Reshuffle
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Agricultural Bank of China Ltd. Chairman Xiang Junbo and China Construction Bank Corp. Chairman Guo Shuqing resigned amid speculation that the government plans to appoint new financial regulators.
Both resigned to do “state financial work,” the two government-owned banks said in separate statements to the Shanghai and Hong Kong stock exchanges yesterday, without giving details. Xiang may be appointed chairman of the China Insurance Regulatory Commission, and Guo the head of the China Securities Regulatory Commission, Reuters reported yesterday, citing three people it didn’t identify.