Beijing removes chair of stock market regulator

(Sharecast News) - China has removed the head of its stock market regulator, it was widely reported on Wednesday.

The state-controlled Xinhua News Agency reported that Yi Huiman had been removed as chair of the China Securities Regulatory Commission, after around four years in the post.

He has been replaced by Wu Qing, a former chair of state-owned bank ICBC who has worked at the CSRC before.

He was also head of the Shanghai Stock Exchange between 2016 and 2017, according to the South China Morning Post.

The surprise change comes as Beijing looks to stem a slump in the country's equity markets. Shanghai's CSI 300 has lost 18% in the last year while Hong Kong's Hang Seng Index shed 24%.

In contrast, the FTSE 350 has lost 3% over the same period, while the Dow Jones Industrial Average had put on 13%.

Last month it was reported that Chinese authorities were considering a possible financial package to help bolster equities, with premier Li Qiang calling for "forceful and effective measures" to stabilise markets and boost confidence.