China has removed the head of its securities regulator after a steep drop in the country’s stock market, according to a report from state media.
Yi Huiman has been removed as head of the China Securities Regulatory Commission, Xinhua News Agency reported. He’ll be replaced by Wu Qing, a veteran of the agency who also ran the Shanghai Stock Exchange for two years.
The Xinhua report didn’t say why Yi has been replaced. Xi Jinping, China’s president, reportedly met with regulators on Tuesday to discuss the slide in the stock market.
The volatility in the stock market has upset China’s citizens to such a degree that they started commenting on a U.S. embassy social media post on giraffes to lament the downturn.
The Shanghai Composite
CN:SHCOMP
has skidded 12% over the last 52 weeks, and declined 5% this year, though it has gained 5% from the lows of Monday.
The index last week closed at its lowest level in nearly four years.
