China replaces securities regulator Xiao Gang

1:10:00 PM
Liu Shiyu, new chairman of the China Securities Regulatory Commission (file photo)Image copyrightReuters
Image captionLiu Shiyu (file photo) took over in the post
China has removed the head of its securities regulator as the country tries to tackle major volatility in its stock markets.
Xiao Gang was replaced by Liu Shiyu as the chairman of the China Securities Regulatory Commission (CSRC), state media report.
Mr Xiao was in charge when China's bourses crashed in mid-2015.
At one point the Shanghai and Shenzhen stock exchanges lost as much as 40% of their value.
In January, China suspended its new "circuit-breaker" mechanism, which was designed to stop free-falling prices.
Xiao Gang addresses the Asian Financial Forum in Hong Kong, 19 January 2015Image copyrightReuters
Image captionXiao Gang is seen here at a forum in Hong Kong last year
But instead of calming investors the circuit-breaker caused them to panic, leading to the stock market shutting down twice in the space of one week last month.
Mr Liu until now was the chairman of the Agricultural Bank of China - one of the country's top four banks.

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