Beijing replaces head of China Securities Regulatory Commission during stock market slump

BEIJING (AP) — Beijing has replaced the head of the China Securities Regulatory Commission in an apparent effort to restore confidence in the stock market following major losses in domestic share prices. Official media say Wu Qing, a banking industry veteran and former vice mayor of the financial hub of Shanghai, is taking over the position. Chinese stocks on Monday sank to 5-year lows despite a pledge by market regulators to crack down on stock price manipulation. The markets in the financial hub of Shanghai and its smaller partner in Shenzhen near Shanghai have languished on heavy selling of property shares, which are enduring a near-collapse of the real estate market.