Shanghai's financial organizations have mapped out an emergency
plan if the most destructive snowstorm in 50 years gets any
worse.
Shanghai Financial Services Office said yesterday the city's
stock, futures, gold and foreign exchanges had put an emergency
plan together so they could keep operating should the weather
worsen.
Shanghai Stock Exchange has a 30-ton oil store - enough to
supply power to the biggest stock market in the Chinese mainland
for one week, the office said.
The gold current trading, whose supply has been influenced by
the rail transport, has already returned to normal.
Shanghai Anxin Agricultural Insurance Co Ltd has teamed up with
Shanghai Agriculture Commission, providing insurance policies
covering vegetable prices to ensure supply during the snowy time
and the upcoming Chinese New Year.
And securities companies such as Guotai Jun'an and Haitong,
whose branches in Guizhou, Hunan and Anhui provinces were blacked
out in the chaos, reported their operations were back to
normal.
Shanghai's major insurers had received 6,116 claims, worth 206
million yuan (US$28.41 million) in compensation as of last
Thursday.
Shanghai Stock Exchange will close during the Chinese New Year
holiday from Wednesday to February 12.
(Shanghai Daily February 4, 2008)
