Xiao Gang, 57, Chairman of the China Securities Regulatory Commission (CSRC), tendered his resignation last week after the "circuit breaker" mechanism to limit stock market losses, was blamed for exacerbating a sharp selloff and was deactivated on Jan. 7, just three days after its introduction. The "circuit breaker" mechanism was developed by Xiao Gang. It is unclear whether Xiao's resignation offer has been accepted by the central government.