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AgBank chairman takes over from Xiao Gang as CSRC head
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CHINA has removed the head of its securities regulator following a turbulent period in the country’s stock markets, appointing a top state banking executive as his replacement.
Xiao Gang was removed from his post at the China Securities Regulatory Commission and replaced by Liu Shiyu, chairman of the Agricultural Bank of China, Xinhua news agency said on Saturday.
Chinese stocks slumped 23 percent in January, their poorest month since the depths of the global financial crisis in 2008, a performance that made the Shanghai exchange the world’s worst-performing major market.
Xiao, 57, took over as chairman of the CSRC in March 2013.
He spent most of his career in China’s banking system, including the People’s Bank of China — the central bank — and the state-owned Bank of China, one of the country’s “Big Four,” which he headed for 10 years before moving to the CSRC.
He was in charge of overseeing the market in mid-2015 when the benchmark Shanghai index plummeted by almost a third, wiping off trillions of dollars and jolting global markets.
The plunge was triggered when regulators changed the rules on traders’ use of borrowed money, bursting a debt-fuelled bubble that had seen the Shanghai index surge 150 percent in the year to mid-June.
Xiao revealed during a 2012 television interview that at school he preferred arts subjects such as writing poetry to mathematics. He also said he “didn’t choose to learn finance” at college.
Xiao’s successor, Liu, has spent most of his career in banking. He served as a vice-governor of the PBOC before being tapped as chairman of AgBank, the country’s third-largest lender.
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