�China to replace securities regulator head�

AFP, BEIJING:  China will replace the head of its securities regulator, state media reported yesterday, as the country struggles to reassure global investors that it can effectively manage stock markets that have experienced massive turmoil.
Xiao Gang, who was in charge during last year’s crash, will be “dismissed” from his post at the China Securities Regulatory Commission and replaced by Liu Shiyu, chairman of the Agricultural Bank of China, the official Xinhua news agency said.
As growth slows and stocks deflate, capital has flooded out of the country, leaving Beijing desperate to win back waning confidence in the once vaunted economic oversight that has made China the world’s second-largest economy.
Chinese stocks slumped 23 per cent 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.
A series of moves intended to smooth dramatic swings in stock prices that began last June instead created panic, raising questions about Beijing’s ability to manage a critical period of economic transition.

�China to replace securities regulator head�

AFP, BEIJING: China will replace the head of its securities regulator, state media reported yesterday, as the country struggles to reassure global investors that it can effectively manage stock markets that have experienced massive turmoil. Xiao Gang, who was in charge during last years crash, will be dismissed from his post at the China Securities Regulatory Commission and replaced by Liu Shiyu, chairman of the Agricultural Bank of China, the official Xinhua news agency said. As growth slows and stocks deflate, capital has flooded out of the country, leaving Beijing desperate to win back waning confidence in the once vaunted economic oversight that has made China the worlds second-largest economy. Chinese stocks slumped 23 per cent in January, their poorest month since the depths of the global financial crisis in 2008, a performance that made the Shanghai exchange the worlds worst-performing major market. A series of moves intended to smooth dramatic swings in stock prices that began last June instead created panic, raising questions about Beijings ability to manage a critical period of economic transition.