China has removed the head of its top financial regulator, state media reported Wednesday, after markets in the world's second-largest economy have been among the worst-performing globally in recent months.

Beijing has become increasingly worried about the sell-off on markets in Shanghai and Hong Kong, which has wiped trillions off valuations, and has unveiled a string of measures to try to staunch the rout.

And on Wednesday, state broadcaster CCTV said the top leadership of the ruling Communist Party removed Yi Huiman from his position as chief of China's Securities Regulatory Commission (CSRC), the country's top financial regulator.

That came a day after, according to Bloomberg, leader Xi Jinping was due to meet with regulators to discuss efforts to lift the markets.

Yi, a former chairman of the Industrial and Commercial Bank of China, was appointed to the top job at CSRC in January 2019.

He had replaced Liu Shiyu, who was dismissed and investigated for "violations of laws and discipline", according to state media.