Looking To Curb Volatility: China replaces securities regulator head

BEIJING: China will replace the head of its securities regulator, state media reported Saturday, as the country struggles to curb volatility in its stock markets. The ruling Communist Party has decided that Xiao Gang will be “dismissed” from the top position at the China Securities Regulatory Commission, the official Xinhua news agency said. Liu Shiyu, chairman of the Agricultural Bank of China - one of China’s top four banks - will replace Xiao, it said. Xiao, 57, took over as chairman of the China Securities Regulatory Commission in March 2013. He spent most of his career in China’s banking system, including the central bank and the state-owned Bank of China, one of the country’s “Big Four”, which he headed for 10 years before moving to the CSRC.

Published in The Express Tribune, February 21^st, 2016.

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