China Replaces Top Markets Regulator as Xi Tries to End Rout
- Banking veteran Wu to replace Yi Huiman as CSRC head
- China stocks have slumped this year as economy struggles
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China replaced the head of its securities regulator, a surprise move that may foreshadow more forceful measures by Xi Jinping’s government to end the rout in the country’s $8 trillion stock market.
Wu Qing, a banking and regulation veteran who earned the reputation as “the broker butcher” when he led a crackdown on traders in the mid-2000s, is replacing Yi Huiman as chairman and party chief of the China Securities Regulatory Commission, according to the official Xinhua News Agency.