China Replaces Securities Chief Amid Anger Over $6 Trillion Stock Market Plunge
• China has replaced the head of its securities regulator, Wu Qing, amid public anger over the stock market meltdown • Wu is a banking veteran who was previously chairman of the Shanghai Stock Exchange • Chinese stocks have stabilized recently but lost $6 trillion in value since 2021 peaks • Tens of thousands vented anger about the market on the US Embassy's social media • Attempts to rescue stocks don't address underlying economic challenges like weak demand and real estate crisis