Xiao Gang, the head of the China Securities Regulatory Commission (CSRC) and the person many investors view as the reason behind a recent crisis that ended up wiping $5 trillion worth of assets from the Shanghai and Shenzhen stock markets, has offered to resign from his post, according to sources, reports Reuters.

The sources, who insisted on remaining anonymous, have further stated that the embattled securities regulator had already rendered his resignation last week and that the ruling Communist Party is currently very displeased with the 57-year-old executive.

Though the sources have stated that the Chinese government is yet to accept Xiao's resignation, the Chinese government had already denied the reports, stating through the regulators' official WeChat and Weibo accounts on Monday that Xiao does not have any intention to resign, reports Bloomberg Business.

Formerly the head of Bank of China, Ltd., Xiao assumed his post as the head of CSRC in March 2013. During his tenure as the head of the organization, the Chinese stock market has experienced both surges and plunges.

One of the most recent and most prominent plunge was the result of a "circuit-breaker" strategy that the securities regulator proposed, which enabled trading to stop when the market falls sharply. Globally criticized for driving away investors, the circuit-breaker system was scrapped days later after it went into effect, according to Quartz News.

Xiao does admit to the weaknesses in the country's stock market, stating during CSRC's annual meeting that the country's economic problems were due to a number of very prominent factors.

"The abnormal stock market volatility has revealed an immature market, inexperienced investors, an imperfect trading system, and inappropriate supervision mechanisms," he said.

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