News out earlier on the official Xinhua news agency. Reuters reporting.

Yep, I know I said I was heading out but I thought I'd better just bring you this piece of news and hey, it doesn't mention the Br***t word. What's not to like?!

China has removed the head of its securities regulator, appointing a top state banking executive as his replacement, as leaders move to restore confidence in the economy.

The announcement follows a string of assurances from senior leaders since the Lunar New Year holiday that China will underpin its slowing economy and steady its wobbly currency.

Xinhua said Xiao Gang, chairman of the China Securities Regulatory Commission (CSRC) since 2013, had been succeeded by Liu Shiyu, chairman of the Agricultural Bank of China Ltd (AgBank) (601288.SS) (1288.HK) and a former deputy governor of the central bank.

Investors and analysts said the new chief Liu, 54, a trained economist, would bring in new policies and strategies, but it remained to be seen what direction he would take.

More from Reuters here.

Xiao Gang gone - Don't pass Go or collect £200 on the way out