China replaced the head of its securities regulator. Wu Qing has been appointed as the new chairman of the China Securities Regulatory Commission (CSRC). The agency reports that Bloomberg.
Information about Yi Huiming’s resignation and new appointment was published by the state agency Xinhua. The change in the regulator’s leadership comes against the backdrop of a massive crash in the Chinese stock market.
Wu Qing, 59, has extensive experience in banking regulations. In the mid-2000s, he launched a campaign against securities fraud that led to the closure of 31 companies. For this, Wu Qing received the nickname “the butcher of brokers”.
The value of shares on Chinese stock markets has fallen by more than $5 trillion since the peaks in 2021. The authorities’ previous measures to save the market were not effective enough. The resignation of CSRC chairman Yi Huiming may indicate the authorities’ intention to act more decisively to stop the collapse.
The other day, Japanese publication Nikkei reported that investors to direct Capital from Chinese stock markets to the US stock market.
Previously expert acceptedThat attention to the negatives in the PRC economy is deliberately confused.