China banks borrow from SARS playbook in preparation for market reopening [Reuters]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Reuters
China banks borrow from SARS playbook in preparation for market reopening SHANGHAI/HONG KONG (Reuters) - Chinese financial firms will deploy measures used during the SARS outbreak nearly two decades ago to combat the new virus when markets reopen next week, with traders set to work shifts and sales staff restricted to online-only pitches, sources said. Banks and brokers will also be paying double next week for the essential staff in financial capital Shanghai who will be working from Monday when markets reopen after the extended Lunar New Year holiday, they said. China’s stock and bond markets are the second-largest in the world, with equities trading in Shanghai averaging 222.9 billion yuan ($32.29 billion) a day in 2019 and the interbank bond market averaging 836 billion yuan, according to the Shanghai Stock Exchange and the central bank, respectively. Mainland markets were due to reopen on Friday following a week-long break but the holiday was extended to Monday by central governme
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