The head of China's market regulator issued an unusual apology today for volatility in the country's markets, acknowledging "shortcomings" in the way they have been supervised.

"The abnormal fluctuations on the stock exchanges have revealed the immaturity of the Chinese markets, inexperienced traders and a trading system that is imperfect," said Xiao Gang, head of the China Securities Regulatory Commission (CSRC).

"They also exposed shortcomings in the supervision