China Sacks Head of Securities Watchdog Amid Stock Market Crisis
Chinese state media says Wu Qing will take over from Yi Huiman as chair of CSRC, the body responsible for regulating financial markets. That's after Chinese stocks hit a five-year low earlier this week despite government intervention attempts.
Transcript
00:00 China has replaced the head of its securities watchdog after weeks of stock market instability.
00:07 State media announced overnight that Wu Qing will take over from Yi Hui Man as chairman
00:12 of the body responsible for regulating the markets.
00:15 It comes after Chinese stocks reached a five-year low on Monday.
00:20 Despite several interventions, policymakers have struggled to stabilize the situation.
00:25 One trillion US dollars in market value has been wiped from exchanges in mainland China
00:30 and Hong Kong this year.
00:33 Nicknamed the "broker butcher" for his crackdown on traders, Wu was previously the head of
00:38 the Shanghai Stock Exchange.
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