China replaces finance minister Lou Jiwei: Xinhua

Lou Jiwei, 65, China's finance minister since March 2013, presided over a stock market boom encouraged by authorities, followed by a rout in the middle of 2015China’s finance minister Lou Jiwei was replaced on Monday, the official Xinhua news agency reported, in a switch of personnel at the top of the world’s second-largest economy. Lou was relieved from his duty and replaced by 59-year-old Xiao Jie, the deputy secretary-general of China’s State Council, the cabinet, Xinhua reported, without giving more details. Lou, 65, has been the finance minister since March 2013, his official biography shows, presiding over a stock market boom encouraged by authorities, followed by a rout in the middle of last year.

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