BEIJNG, CHINA – NOVEMBER 13: Illuminated skyscrapers stand in the central business district at dusk on November 13, 2023 in Beijing, China. (Photo by Gao Zehong/VCG via Getty Images)
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China’s cabinet on Wednesday named markets veteran Wu Qing as chairman of the China Securities Regulatory Commission, state media Xinhua said, replacing Yi Huiman to guide Beijing through the turbulent waters of a market downturn. .
Nicknamed the “Broker Butcher,” Wu was previously acting vice mayor of Shanghai, China’s main financial center, and served nearly two years as president of the Shanghai Stock Exchange.
His predecessor Yi took over the helm of the CRSC in 2019, tasked with undertaking a series of sweeping capital markets reforms.
Wu’s appointment follows the CSRC’s announcements over the past two weeks of new supportive policies to stabilize and revitalize China’s battered stock market, which has become a victim of real estate volatility and pessimism. general consensus among investors about the prospects for the world’s second largest economy. largest economy.
Compounding matters, China’s CSI 300 fell to its lowest level in five years on January 31, after the country’s manufacturing activity contracted for the fourth consecutive month.
This is breaking news and is being updated.