China has removed the Head of its Securities Regulator as it tries to tackle major volatility in its stock markets. Xiao Gang was replaced by Liu Shiyu as the chairman of the China Securities Regulatory Commission (CSRC. Mr Xiao was in charge when China's markets crashed in mid-2015. At one point, the Shanghai and Shenzhen stock exchanges lost as much as 40 per cent of their value. Mr Xiao, 57, who became the CSRC Chair in March 2013, has been criticised for mishandling the crisis.The announcement of the new CSRC Chair comes ahead of two high-profile events for China – next week's meeting of G20 financial leaders in Shanghai, and the annual gathering of China's legislature in March.