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China replaced the head of its market watchdog Wednesday in an apparent attempt to restore confidence in financial markets following a prolonged downturn.
Official media said Wu Qing, a former chairman of the Shanghai Stock Exchange, would replace Yi Huiman as chairman and Communist Party chief of the China Securities Regulatory Commission.
Chinese stocks have been trading near five-year lows despite various measures to stabilize the markets.
The official Xinhua News Agency gave no reason for Yi’s departure but Chinese media said Wu was nicknamed “Broker Butcher” for his tough stance on enforcing rules against various abuses.
