Financial institutions

Shanghai lets financial institutions get back to work as COVID-19 restrictions ease

Shanghai authorities have allowed 864 of the city’s financial institutions to resume operations, three sources with direct knowledge of the matter said on Wednesday, as it gradually eases a citywide lockdown that began there. at seven weeks.

The move is part of the financial hub’s plan to reopen widely and allow normal life to resume after the lockdown was enacted to curb China’s worst outbreak since the discovery of the coronavirus in Wuhan in late 2019, which halted most business. economic.

Read the latest updates in our dedicated coronavirus section.

The China Foreign Exchange Trade System, Shanghai Stock Exchange, Shanghai Futures Exchange and China Financial Futures Exchange were among 864 financial institutions on a ‘white list’ of companies allowed to resume work published by the Shanghai Municipal Financial Regulatory. Office and provided by sources that have been reviewed by Reuters.

Bank of Communications and the Shanghai branches of other state lenders, including Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank, were also on the list.

For the latest headlines, follow our Google News channel online or through the app.

Financial institutions that conduct nationwide business or system operations were given priority, the sources said, while
those currently operating under so-called “closed-loop” management or providing key financial support for businesses to get back to work were also considered first.

Shanghai authorities plan to issue more “whitelists” each week, allowing more financial firms to resume operations, according to the regulatory bureau’s notice.

The Shanghai government did not immediately respond to a Reuters request for comment.

State-run newspaper Shanghai Securities News announced the approval earlier on Wednesday.

Bank of Communications said an outlet in Jinshan District resumed operations on Wednesday.

“From today and onwards, some outlets of the Shanghai branch of Bank of Communications will gradually resume operations in accordance with the pandemic prevention and control situations in Shanghai,” the lender said. in a press release.

More than 20,000 bankers, traders and other workers have slept in their office towers in Shanghai’s Lujiazui district since late March to keep China’s giant financial hub running during the lockdown.

Shanghai has already allowed major manufacturers in sectors such as autos, life sciences, chemicals and semiconductors to resume production since late April, after the latest wave of infection showed signs stabilization in the
shopping center that has left the vast majority of its 25 million residents confined to their homes.

Read more: COVID-Zero: Here’s how China is rounding up thousands for quarantine