Chinese shares jump on new regulator appointment

Chinese shares opened higher on Monday, following the appointment of a new head of the China Securities Regulatory Commission (CSRC) on Saturday.

The benchmark Shanghai Composite Index on Monday opened 1 percent higher at 2,888.6 points, with the smaller Shenzhen index opening 1.26 percent higher at 10,290.05 points.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, surged 1.09 percent to open at 2,235.17 points.

Liu Shiyu, a veteran banker, was appointed to head the CSRC, according to decisions made by the Communist Party of China Central Committee and the State Council.

Xiao Gang, former head of the CSRC, was removed from the post.

Chinese shares remained weak following the sudden market rout in the summer of 2015.