(Yicai Global) May 14 -- The China Securities Regulatory Commission will embark on another large-scale rotation of middle-level officials' posts, people close to the regulator confirmed today to the 21st Century Business Herald, and Hong Lei, incumbent chairman of the Asset Management Association of China, will soon leave the AMAC to take over as the head of China Futures Association, according to them.

Hong, whose post changed to that of inspector at CSRC's inspection bureau in 2012's first half after serving as the vice director of the agency's fund department for 11 years, moved into the role of AMAC vice chairman in October 2014 before being promoted to the chairmanship in August 2015.

One of the goals of CSRC's tradition of rotating of mid-level posts is to strengthen internal auditing and avert corruption.

"Over 30 officials in the CSRC system will have their positions adjusted in this round of rotation," the sources said. CSRC has not yet publicized this set of shake-ups on its intranet.

He Yanchun, incumbent vice director of CSRC's inspection bureau, may succeed Hong, according to the sources.

The AMAC is a self-regulatory association of fund management companies under the supervision of the CSRC and China’s Ministry of Civil Affairs.

Editor: Ben Armour