By Samuel Shen and Tom Westbrook
BEIJING/SHANGHAI (Reuters) -China has ousted the head of its securities watchdog, the official Xinhua news agency said, replacing him with a veteran regulator with a reputation for tough action as policymakers struggle to stabilise the country’s stock markets.
The cabinet has replaced Yi Huiman as chairman of the China Securities Regulatory Commission (CSRC) with Wu Qing, who has led the Shanghai Stock Exchange and served as a key deputy in Shanghai’s municipal government, Xinhua said on Wednesday.
It did not give a reason for Yi’s removal, which comes as China’s stock markets have hit five-year lows and left institutional and retail investors scrambling to cut their losses as China’s struggling economy and a lack of forceful government stimulus measures take their toll on confidence.
Chinese markets have been roiled by near constant turmoil since 2019, first by a trade spat with Washington, then by the…
