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Liu sets out tasks as CSRC chairman
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CHINA’S newly appointed securities regulator’s top priorities are to clamp down on market malpractices and ensure that more funds are injected into the stock market, according to a Bloomberg News report.
Liu Shiyu, the new chairman of China Securities Regulatory Commission, has indicated that the CSRC’s main tasks include strictly supervising the market and cracking down on market manipulation, Bloomberg News reported yesterday, citing an unnamed source.
Liu, chairman of the Agricultural Bank of China prior to his CSRC appointment, also said the regulator would actively channel funds into the market as he made the comments in his first speech to senior CSRC officials after he took the helm, according to the report.
Expectations are running high for Liu to take steps to boost investor confidence and revitalize the market. The reshuffle at the top of the CSRC followed months of volatility in China’s multi-trillion stock market.
China said on Saturday that Xiao Gang was removed as CSRC head and replaced by Liu who had also served as a vice governor of the People’s Bank of China earlier.
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