The volatility in the stock market is bothering citizens and leaders. The Shanghai Composite Index fell 12% in the last 52 weeks and 5% this year, and hit its lowest level in four years last week.
The Chinese government made the decision to remove Yi Huiman from his position as chairman of the China Securities Regulatory Commissionappointing Wu Qing in his place, who will also assume the representation of the Communist Party in said body.
“The State Council has resolved to appoint Comrade Wu Qing as chairman of the China Securities Regulatory Commission, relieving Comrade Yi Huiman of his position,” the state news agency Xinhua announced.
Xinhua report did not explain why Yi was replaced. Xi Jinping, China’s president, reportedly met with regulators on Tuesday to discuss the decline in the stock market.
Stock market crisis in China
The volatility in the stock market is bothering citizens and leaders. As reported Ambitthe Shanghai Composite Index (CN:SHCOMP) lost 12% in the last 52 weeks and fell 5% this year, although it showed a slight recovery these days, The index closed last week at its lowest level in almost four years.
Stock market decline is much worse for small companies: Chinese small-cap stocks fell by 6.2% on Monday. In reaction, the government took a series of measures, including stricter limits on short selling and government purchases of stocks.
For US investors, the iShares MSCI China ETF (MCHI) is down 25% over the past 52 weeks, and the KraneShares CSI China Internet ETF (KWEB) is down 23% in the same period.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
