Reuters first with news of reshuffle of China's financial regulators

Reuters was the first news organization to break news of the first significant appointments to be made as part of a sweeping reshuffle of the Chinese Communist Party, central and local governments, and the military that will culminate in the next 17 months with Hu Jintao and Wen Jiabao retiring from their party positions next fall and their presidency and premiership in March 2013.

On Friday Reuters China regulatory correspondent Ben Lim reported that China would appoint new banking, securities and insurance regulators. Liu Mingkang would retire from the China Banking Regulatory Commission due to age limits and top securities regulator Shang Fulin would move into his role. Guo Shuqing, chairman of China Construction Bank, would succeed Shang as chairman of the China Securities Regulatory Commission, and Xiang Junbao, the head of Agricultural Bank of China, would move into the China Insurance Regulatory Commission chairmanship left vacant by the retiring Wu Dingfu.

The changes, a clear scoop for more than a day, were formally confirmed by the official Xinhua news agency more than 24 hours later, the first time Reuters competitors could finally confirm the news. By that time, Reuters had prepared full profiles on the three men who will guide these three critical regulatory watchdogs through the transition from Hu and Wen to a younger generation of leaders headed by their anointed successors, Xi Jinping and Li Keqiang.

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