Posted 2/8/2024, 12:54:00 AM
China Shakes Up Leadership at Securities Regulator Amid $5 Trillion Stock Market Slide
- Yi Huiman, head of China's securities regulator, was unexpectedly ousted as part of leadership shakeup amid $5 trillion stock market rout
- Change shows growing alarm within Xi Jinping's government over extended selloff undermining economy
- Wu Qing, close ally of Premier Li, is new securities regulator chairman; seen as signal of potential additional support measures
- Past leadership changes at regulator heralded rallies, but China faces bigger economic challenges now beyond regulator's control
- Wu has background cracking down on misconduct, which may reassure investors, but more policy efforts needed to turn markets around