Xi’s Markets Shakeup Surprised Insiders, Showing Alarm Over Rout
- Wu replaces Yi as head of markets regulator to halt decline
- China tries to reverse stock slump now entering fourth year
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Staffers at China’s main securities regulator had been working around the clock for weeks on ways to prop up the nation’s tumbling stock market when the bombshell dropped.
Late Wednesday, the official Xinhua News Agency reported that their boss Yi Huiman had been ousted, becoming the biggest Communist Party casualty of a $5 trillion selloff that’s undermining confidence in the fragile economy.