China replaces its top securities regulator, moving to reassure investors and end a market slump

BEIJING (AP) — The head of the China Securities Regulatory Commission has been replaced in an apparent effort by Beijing to restore confidence in financial markets following a prolonged downturn. Official media said Wu Qing, a former chairman of the Shanghai Stock Exchange, would replace Yi Huiman. Chinese stocks have been trading near 5-year lows despite various measures to stabilize the markets. The official Xinhua News Agency gave no reason for Yi’s departure. Markets in Shanghai and Shenzhen have languished, partly due to heavy selling of property shares following a crackdown on excessive borrowing by developers. Earlier this week, the CSRC said it was cracking down on insider trading, market manipulation and other crimes and would protect small investors.