According to sources, Shanghai authorities have granted approval to 864 of the city’s financial institutions to resume work, as it gradually eases a citywide lockdown that began almost 2 months ago.
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.
While major Chinese banks like 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 also appeared on the list.
Those financial institutions that conduct nationwide businesses or system operations were given priority, while those that operate under a so-called “closed-loop” management or provided key financial support for companies to resume work were also considered first, according to sources.
More “white lists” would be published by Shanghai authorities on a weekly basis, allowing more financial firms to resume operations, according to the regulatory bureau notice.
“From today and onwards, some outlets of Bank of Communications’ Shanghai branch will gradually resume operations in accordance with Shanghai’s pandemic prevention and control situations,” was quoted from news release by Bank of Communications.
Some 20,000 bankers, traders, and other workers have slept over in their office towers in Shanghai’s Lujiazui district since late March to keep China’s giant financial hub running during the lockdown.
While key manufacturers from sectors including auto industry, life sciences, chemicals, and semiconductors were allowed to resume production since late April in Shanghai, after the latest wave of infection showed signs of stabilising in the commercial hub that left the vast majority of its 25 million residents confined at home.
