A senior figure who has worked at the state-owned banking group for more than three decades is now in charge of regulating the sector.

China has appointed senior banking figure Yi Huiman to head the China Securities Regulatory Commission, media reports said.

Yi is chairman of the Industrial and Commercial Bank of China, aka ICBC, the world’s most valuable bank. He will take over from Liu Shiyu as the CSRC’s party secretary and chairman, reports quoted state news agency Xinhua as saying. 

The new regulatory boss has worked at state-run ICBC for more than 30 years. 

This publication recently reported that ICBC is the world’s most valuable financial brand. 

(Editor's comment: It is sometimes remarked that there can be an unhealthily close relationship between regulators, policymakers and the financial services industry. Examples include senior bankers who move into regulatory posts, or are made US Treasury Secretary, and so forth. China, of course is distinctive in that it is still a Communist country and some of its main banks are state-owned. Even so, the new man will need to prove his independence at a time when China's economy is adjusting, and with considerable focus on the state of its financial system.)