The Chinese Government has replaced the head of China Securities Regulatory Commission (CSRC), Xiao Gang.

China’s stock markets have plunged since the last quarter of 2015 and fears that growth has stagnated in China has pushed stock prices even lower.

Xiao Gang was responsible for the introduction of the circuit breaker mechanism in January, a strategy which failed to stabilize prices.

He has been replaced by Liu Shiyu.

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