Chairman of China Securities Regulatory Commission "Resigns"

As Chinese stocks fall into the abyss, Xiao Gang the chairman of the China Securities Regulatory Commission has offered to resign.

The smoking gun behind his resignation is his "brainchild" the circuit breaker, which in fact made a bad situation worse.

Reuters reports that Xiao's term does not formally expire until the end of 2018.

As to whether his resignation has yet been accepted depends, in part, on how worse things will become. The Chinese will need a fall guy to blame, and then a saviour to "rescue" the market if it ever hits bottom.