Liu Shiyu was appointed as Party leader and chairman of the China Securities Regulatory Commission (CSRC), according to decisions made by the Communist Party of China Central Committee and the State Council on Saturday. Xiao Gang, former head of the CSRC, was removed from his post as the chairman as well as the Party leader of the commission.

中共中央和国务院周日做出决定，任命刘士余为中国证券监督管理委员会党委书记、主席，免去前证监会主席肖钢的证监会党委书记、主席职务。

Chinese stocks slumped¹ 23 percent in January, their poorest month since the depths of the global financial crisis in 2008, a performance that made the Shanghai exchange the world's worst-performing major market.

今年1月份，中国股市大幅下跌近23%，这也是中国股市自2008年金融危机以来表现最糟糕的一次。这也使得上海证券交易所成为世界上表现最糟糕的主要股票市场。

A series of moves intended to smooth dramatic swings in stock prices that began last June instead created panic.

去年6月份，证监会曾经采取了一系列措施，试图平缓股票市场的巨幅震荡，不过，这些措施反而引起了恐慌。

Xiao, 57, took over as chairman of the China Securities Regulatory Commission in March 2013. He was in charge of overseeing the market in mid-2015 when the benchmark Shanghai index plummeted² by almost a third, wiping off trillions of dollars and jolting³ global markets.

肖刚今年57岁，2013年3月份开始担任中国证监会的主席。在2015年中旬，上海股票市场大幅下跌近三分之一，蒸发市值超亿美元，引起世界股票市场震荡，那时就是肖刚负责监管中国股票市场。

Calls for Xiao's departure, heard regularly since the debacle, heated up early in January after the CSRC's deployment⁴ of a "circuit breaker" closed the Shanghai and Shenzhen exchanges early twice in four days before it was scrapped⁵.

从股市崩溃后，就有呼声要求肖刚下台，而在1月份证监会推出了“熔断机制”之后，这种声音愈演愈烈，该熔断机制在被取消之前，四天之内就迫使沪市和深市提前休市两次。

Xiao's successor, Liu, 55 years old, has spent most of his career in banking⁶. He served as a vice-governor of the People's Bank of China, the central bank, before being tapped as chairman of the Agricultural Bank of China, the country's third-largest lender.

而肖刚的继任者刘士余今年55岁，同样有着丰富的银行系统就职经验，在担任中国第三大银行—中国农行的董事长之前，曾经担任过中国人民银行副行长。