China’s market regulator had a chance to explain itself last Friday at the end of a week that had seen self-inflicted turmoil on the country’s stock exchanges rock international markets for the second time since July.

Amid complaints that global markets — which had their worst start to the year for two decades — needed more guidance on China’s intentions, there were also rumours that Xiao Gang, chairman of the China Securities Regulatory Commission, could lose his job.

Rather than address either subject, however, the CSRC instead used the weekly press conference to discuss its role in a Communist party initiative to promote development of the agricultural sector and poverty alleviation.