Head of China’s securities watchdog Liu Shiyu replaced by top banker

The chairman of China Securities Regulatory Commission, Liu Shiyu, has been removed from his position, state media reported on Saturday.

The head of the watchdog was replaced by Yi Huiman, the chairman of Industrial and Commercial Bank of China, Xinhua reported.

Liu, who had been in charge at the CSRC since February 2016, will move to another position, the report said.

Yi joined ICBC, China’s largest bank, in 1985 and took over as its chairman in 2016.

More to follow …

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