China’s ruling party decided to replace the country’s chairman of the securities regulator, Xiao Gang, with former central banker Liu Shiyu. The regulator has taken the blame for failing to stabilize the market turbulence in the country over the year.
Chairman of China Securities Regulatory Commission (CSRC) was reported to offer his resignation. Xiao Gang handed his resignation last week following a failure in executing circuit breaker system in China stock markets.
Xiao Gang, head of the China Securities Regulatory Commission, said the new reforms planned by the government on public share sales will increase the role of free market forces.
China Securities Regulatory Commission had ended an 18-year trading hiatus on Treasury bond futures, said a Bloomberg report.
China Stock Market top regulator Xiao Gang attended a meeting in July with gray hair which sparked debates if he was overwhelmed with challenges confronting Asia's worse stock market or he has just ceased in dying his hair.
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