Media365
China’s top securities watchdog appeared in public just hours after he was reported to have offered his resignation, in what analysts said could be an effort by authorities to prevent market destabilisation.
The China Securities Regulatory Commission (CSRC) said in a statement on Thursday that its chairman Wu Qing was travelling to France and Brazil from November 10 to 13. It also displayed photos on its website of Wu taking part in meetings in the two countries.
The prompt and rare publicity of his activities could be seen as an effort to dispel rumours and prevent any turmoil in the capital markets after a Reuters report earlier in the day said the 60-year-old had sought approval to step down, citing health reasons. The report said it was unclear whether Wu’s resignation had been accepted or when he would leave office.
On his trip, Wu held bilateral talks with Marie-Anne Barbat-Layani, chair of France’s Autorité des Marchés Financiers, and Otto Lobo, acting chairman of the Brazilian Securities and Exchange Commission (CVM), along with CVM board member Marina Copola, according to the CSRC statement.
The meetings focused on regulatory developments in the French, European and Brazilian capital markets, as well as deepening bilateral cooperation between the securities watchdogs, the CSRC said. During his time in Paris and Rio, Wu also met with international institutional investors, as well as Chinese enterprises and financial institutions operating in France and Brazil.
He promoted China’s capital market reforms and conveyed the outcomes of the country’s recent political leadership meeting, the CSRC said.
