Xie Zhichun is no longer president of Central Huijin Investment and his resignation was not related to a recent A-share sell-off, according to the Beijing News on Sunday.

Xie submitted his resignation in February and it was approved recently. The decisions were made before the sell-off on Thursday, the paper cited an anonymous source as saying.

"The resignation has nothing to do with the A-share sell-off," the paper cited the source as saying.

Central Huijin Investment Ltd., China's sovereign fund, posted a brief notice on the resignation on Friday, but did not give reasons.

Xie, 56 years old, started his position at Central Huijin in May of last year, according to the paper.

Central Huijin has sold stakes in two banks, including 1.91 billion yuan (312.46 million U.S. dollars) in China Construction Bank and 1.63 billion yuan in ICBC, it announced on Thursday night.

The benchmark Shanghai Composite Index fell 6.5 percent on Thursday and the Shenzhen Component Index plunged 6.19 percent.

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