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Shanghai lets financial firms resume work as COVID-19 curbs ease

CNA – Shanghai authorities have granted approval to 864 of the city’s financial institutions to resume work, three sources with direct knowledge of the matter said yesterday, as it gradually eases a city-wide lockdown that began seven weeks ago.

The move is part of the financial hub’s plan to re-open broadly and allow normal life to resume after the lockdown was enacted to curb China’s worst outbreak since the coronavirus was discovered in Wuhan in late 2019 halted most economic activity.

The China Foreign Exchange Trade System, Shanghai Stock Exchange, Shanghai Futures Exchange, and China Financial Futures Exchange were among the 864 financial institutions put on a “white list” of companies allowed to resume work published by the Shanghai Municipal Financial Regulatory Bureau and provided by sources.

Financial institutions who conduct nationwide businesses or system operations were given priority, the sources said, while those who were currently operating under a so-called “closed-loop” management or provided key financial support for companies to resume work were also considered first.

Shanghai authorities plan to publish more “white lists” on a weekly basis, allowing more financial firms to resume operations, according to the regulatory bureau notice.

A man stands at the crossroads along Lujiazui financial district in Pudong, Shanghai. PHOTO: CNA
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