China has replaced the head of its securities regulator, as public anger over the meltdown in the stock market grows.
Wu Qing, a banking veteran and most recently the deputy party secretary of Shanghai, was named as chairman and party secretary of the China Securities Regulatory Commission (CSRC), replacing Yi Huiman, who assumed the role in January 2019, according to a state news agency Xinhua report on Wednesday.
Wu, 59, was also the chairman of the Shanghai Stock Exchange, the largest stock exchange in mainland China, between 2016 and 2018. He had previously worked with financial regulators for two decades, including at the CSRC.
Chinese stock markets have stabilised this week but they had a dire 2023 and have been the world’s worst performer this year. By Monday, about $6.1 trillion in market value had been wiped from the Chinese and Hong Kong stock markets since their recent peaks in February 2021.
Credit: cnn.com
