China Names Li Top Financial Regulator in Surprise Move

China picked a little-known local government official as the nation’s top regulator overseeing the $61 trillion financial sector, in a surprise move after President Xi Jinping unveiled the biggest overhaul of the nation’s bureaucracy in decades.

Li Yunze, a former banker, was named party secretary of the newly formed national financial supervision and management bureau that regulates thousands of banks, insurers and trust firms, according to an announcement Wednesday.

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