China’s Top Securities Regulator Replaced
China’s beleaguered top securities regulator is stepping down after policy missteps contributed to months of volatility and heavy selling in the country’s stock markets.
Xiao Gang’s departure as head of the China Securities Regulatory Commission was announced by the official Xinhua News Agency. His successor is Liu Shiyu, current chairman of the Agricultural Bank of China and a former deputy governor of the Chinese central bank, officials with direct knowledge of the matter told The Wall Street Journal on Friday.