Posted 2/13/2024, 11:00:17 PM
China appoints 'Broker Butcher' to stabilize volatile stock markets
- Wu Qing, known as the "Broker Butcher", appointed head of China Securities Regulatory Commission to stabilize volatile stock markets
- China's stock markets have lost $3 trillion in past year despite economic bounce back from pandemic
- Property developers' debt issues, like China Evergrande forced into liquidation, contributed to slump
- Wu earned reputation for pragmatic oversight of Shanghai's growth and cracked down on market misconduct in past roles
- Stabilizing measures needed short-term but healthy markets require investor education on tools like short selling, not bans