Chairman of the China Securities Regulatory Commission Dismissed

It was announced late Wednesday afternoon by the Central Committee of the Communist Party of China that it has decided to relieve Yi Huiman of his duties as the Party Secretary and Chairman of the China Securities Regulatory Commission, and will appoint Wu Qing to take the position.

This move came following the Chinese stock market just went through its darkest week since February 1, during which time the Shanghai Composite Index experienced a steep fall of almost 400 points, a decrease of 8.68%, bottoming out at 4,177.94. The CSI1000 index dropped 27% in January alone and a substantial 38% over the past year. On February 2, the index reached its lowest point in almost four years.

SEE ALSO: China Releases Ethical Guidelines for Brain-Computer Interface Research