China replaces Xiao as top securities regulator

He has been replaced by Liu Shiyu of Agricultural Bank of China for mishandling the country’s stock markets turmoil.

Agricultural Bank of China head Liu Shiyu has been appointed as the new chairman of the country’s securities watchdog, the official Xinhua News Agency announced on Saturday, replacing the embattled Xiao Gang, who has faced months of criticism for mishandling the country’s stock markets turmoil.

Xiao’s departure, expected by many market insiders and equity analysts, came after Xiao and the China Securities Regulatory Commission CSRC had come under fire over last summer’s market turbulence and a bungled government rescue effort.

“His exit isn’t a surprise. The CSRC chairman is a tough and thankless job,” Hong Hao, chief strategist at Bocom International in Hong Kong, told...

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