The chairman of the China Securities Regulatory Commission (CSRC), Xiao Gang, is stepping down, the Wall Street Journal reported, citing Chinese officials with direct knowledge of the matter.
Xiao will be replaced by Liu Shiyu, current chairman of the Agricultural Bank of China Ltd (AgBank) (601288.SS) (1288.HK) and a former deputy governor of the People’s Bank of China, the central bank, the WSJ reported on Friday.
An announcement on the change is expected “within days”, the newspaper reported on its website, citing the officials. It did not give further details.
The CSRC declined to comment when contacted by Reuters. AgBank could not immediately be reached for comment.
Xiao and the CSRC have come under scrutiny for policy moves in the past year as the Shanghai and Shenzhen markets experienced a steep rise until mid-June of last year, and then a sharp fall. Read more