China's Stock Markets Open Higher After CSRC Installs New Head
Tang Shihua
/SOURCE : yicai

(Yicai Global) Jan. 28 -- China's stock markets  opened higher this morning with investors encouraged after top industry  watchdog, the China Securities Regulatory Commission, installed a new  chairman over the weekend.

The watchdog appointed Yi Huiman, former chairman  of China's biggest commercial lender, the Industrial and Commercial Bank  of China, as chair to replace Liu Shiyu who has taken another role in government.

The benchmark Shanghai Composite Index was up 0.8  percent at 2,622.63 points as of 9.50 a.m., after opening 0.54 percent  higher. The Shenzhen Component Index was up 0.69 percent at 7,647.57 at  the same time, after opening 0.6 percent higher.  The ChiNext Price  Index, which tracks growth enterprises in Shenzhen, was up 0.3 percent  at 1,269.28 points after opening 0.54 percent higher.

Under former Chairman Liu, the CSRC had launched a  series of measures to crack down on illegal activities in the capital  market, but he was unable to stop the market's downtrend which had  drained investor confidence. The Shanghai Composite Index has lost as  much as 30 percent of its value since peaking last January.

Market speculation surfaced as early as Jan. 24  that the regulator may change its head though this was not officially  confirmed until the afternoon of Jan. 26.

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Keywords: Stock Markets , CSRC