China shuffles top regulators

China has started what is expected to be a major leadership reshuffle by appointing new heads for its three financial regulatory agencies. Although there will not be any immediate policy changes, the appointments are expected to be followed by more reshuffles among top political leaders in the coming year.

The changes, which were announced during the weekend, come at a time when worries are mounting about whether China can avoid a hard landing thanks to soaring inflation, depressed stock markets and Chinese banks, despite good third-quarter results, that are likely to record big non-performing loans for the coming years after excessive lending.

The most senior appointment among...