China has replaced the head of its securities watchdog with veteran regulator Wu Qing, known as the “Broker Butcher” for his tough enforcement of trading regulations in the past. Wu’s appointment comes as policymakers in China are struggling to stabilize the country’s stock markets.
State-run Xinhua news agency announced the replacement on Wednesday. Wu previously served as acting vice mayor of China’s major financial hub, Shanghai, and as chairman of the Shanghai Stock Exchange.
The ousted chairman of the China Securities Regulatory Commission or CSRC, Yi Huiman, was chairman of the Industrial and Commercial Bank of China and appointed to the top job at CSRC in January 2019, tasked with undertaking a spate of sweeping capital markets reforms.
The reason for Yi’s removal was not announced, but analysts say it was due to his failure to rescue China’s stock markets, which have recently hit five-year lows…
