Xiao Gang, the embattled head of China's securities regulator, has offered to resign, sources said, after perceived mismanagement wiped more than $5 trillion off the value of the Shanghai and Shenzhen stock markets since they peaked last June.
The 57-year-old chairman of the China Securities Regulatory Commission (CSRC) tendered his resignation last week after his brainchild, a "circuit breaker" mechanism to limit stock market losses, was blamed for exacerbating a sharp selloff, a source with ties to the leadership and a financial industry source said.
The circuit breaker was deactivated Jan. 7, just three days after its introduction.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.