China Securities Regulatory Commission (CSRC) Vice Chairman Fan Fuchun will step down from his position, the South China Morning Post reported. Fan, who has reached retirement age, will likely be replaced by Liu Xinhua, currently an assistant to CSRC Chairman Shang Fulin. Analysts said the personnel change would be unlikely to affect CSRC policies, as they are typically set by the regulator’s chairman. However, the newspaper cites speculation that Shang may leave the CSRC to take up a position as central bank governor, replacing Zhou Xiaochuan. As CSRC chairman, Shang is seen as favoring a conservative approach to market reform.