Xiao Gang attends a press conference during the 18th National Congress of the Communist Party of China in Beijing, Nov. 11, 2012. Getty

The chairman of the China Securities Regulatory Commission, Xiao Gang, will step down "within days," the Wall Street Journal reported Friday, citing Chinese officials with direct knowledge of the matter.

Xiao will be replaced by Liu Shiyu, chairman of the Agricultural Bank of China and a former deputy governor of the Chinese central bank, the Journal reported.

An announcement of the change is expected to be made “within days,” the Journal's report said.

The Journal article also noted that Xiao has faced criticism from traders over his policies since China’s stock market fell sharply last summer, and again earlier this year.

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