The head of the regulator of the securities market of China has shifted in the background of the collapse of the market

The head of the Commission on regulation of securities of China Xiao gang resigned, reports the Agency Xinhua. The decision to resign Xiao Ghana adopted the Communist party and the State Council of the PRC.

Place Ghana Xiao Liu took Siui. Until 2014 he served as Deputy Chairman of the Central Bank, is also Chairman of the Agricultural Bank of China.

Information about the possible resignation of Xiao Ghana appeared yesterday in the Wall Street Jornal. The newspaper, citing informed sources, reported that in the coming days it is expected the announcement of the resignation of the head of the stock market regulator. The WSJ noted that the resignation of Xiao Ghana can occur after months of criticism regarding the work of his Department in General and the government on economic management.

Xiao gang led the Commission in March 2013. The measures taken after the collapse of the stock market in the summer of 2015, has been criticized by traders and other officials who said that the actions of the regulator, only increased the volatility.

Last summer, the Chinese stock exchange experienced the largest decline: then the key Chinese index Shanghai Composite exchange in the next few weeks fell more than 40%. This in turn has had a negative impact on stock markets around the world. The volatility in the PRC stock exchanges resumed in the first week of January after stabilization in the fourth quarter. At the end of January key Chinese indexes fell to 13-month low amid slowing economic growth and fears of increased capital outflows.

One of the most successful traders in Chinese stock market, Huang Weiming predicted in an interview with Bloomberg that the Shanghai Composite index in the first half of 2016 could fall by another 15% because of the devaluation of the yuan and the slowdown of the Chinese economy stimulate the outflow of capital from China.