Banking veteran Wu Qing has been named the new chairman and party chief of the China Securities Regulatory Commission, replacing Yi Huiman, the Xinhua News Agency reported on Wednesday. Yi has served as head of the CSRC since 2019.
The move comes in the wake of the country’s stock market rout that has erased $7T from mainland equities and shares in Hong Kong since their 2021 peaks.
Policymakers, including China’s securities regulator, have been considering new ways to stabilize the market, with risks to consumer confidence threatening another downward spiral. Support could range from direct stimulus measures to those geared toward property stabilization.
Reuters reported on Monday that some major Chinese brokerages, including state-owned China International Capital Corp., are limiting the amount of cross-border swap transactions their clients can execute.
ETFs: (NYSEARCA:FXI), (NYSEARCA:KWEB), (NYSEARCA:CQQQ), (NASDAQ:MCHI), (NYSEARCA:ASHR), (NYSEARCA:YINN), (NYSE:TDF).
