BEIJING -- Chinese shares closed lower Monday, with the benchmark Shanghai Composite Index down 1.68 percent, or 38.38 points, to end at 2,240.02.

The Shenzhen Component Index shed 1.1 percent, or 100.27 points, to 8,999.02.

Bank of China chairman Xiao Gang, who resigned on Sunday due to "the necessity of the country's financial work", was reported to have replaced Guo Shuqing as head of the China Securities Regulatory Commission.