(Bloomberg) – China’s main securities regulator has been working tirelessly to stabilize the nation’s tumbling stock market. However, the bombshell dropped when their boss Yi Huiman was ousted, becoming the biggest Communist Party casualty of a $5 trillion selloff that’s undermining confidence in the fragile economy.
The announcement sent shockwaves across the industry and within the China Securities Regulatory Commission, according to people familiar with the matter. Prior to the Xinhua news, there had been no internal announcement from the Communist Party’s organization department, which typically shares key personnel changes internally before they go public, the people said.
The departure of Yi, a surprise to even high-ranking CSRC officials, underscores the growing sense of alarm within President…
2024-02-07 19:54:16
Link from finance.yahoo.com