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China removes head of securities regulator



China has appointed Wu Qing as the new head of its securities regulator, replacing Yi Huiman amid efforts to stabilise the nation’s stock markets, which recently hit five-year lows. Wu Qing, with extensive experience in the securities sector including leadership roles at the Shanghai Stock Exchange and Shanghai’s municipal government, steps in as markets face severe challenges. Investor confidence has been shaken by the sluggish economy and ineffective stimulus measures, leading to continued market sell offs despite attempts at intervention, such as short-selling restrictions. Foreign investors have also been pulling out, marking six consecutive months of net outflows. Yi, previously a long-serving figure at the Industrial and Commercial Bank of China, leaves the position without indication of a new role, breaking from traditional departure announcements.

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