The head of China's securities regulator has been removed from his post, Xinhua reported, following last year's $5 trillion fall in the stock market, an unprecedented government rescue and a renewed crisis as plunging Chinese equities last month reverberated around the world.
Xiao Gang, 57, a former head of Bank of China Ltd., had been chairman of the China Securities Regulatory Commission since March 2013. His exit was announced Saturday by the state-owned Xinhua News Agency.
Xiao's replacement is Liu Shiyu, who previously served as chairman of the Agricultural Bank of China.