O.T. Hong Kong Exchanges-Banks shut down-Rainstorm

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Normal times are bad enough. In many places the weather will not co-operate during the rollover.

For educational purposes only-from Reuters at Yahoo

Sunday August 22, 8:51 pm Eastern Time

Hong Kong banks, exchanges closed due to rainstorm

HONG KONG, Aug 23 (Reuters) - Banks, the stock and gold exchanges, and the securities clearing house in Hong Kong will be closed on Monday because the highest level rainstorm warning has been issued, authorities said.

The Hong Kong Observatory has issued its black rainstorm warning, meaning very heavy rain has fallen or is expected to fall generally over the territory.

The Hong Kong Association of Banks said in a statement banks woulkd not be open. If the black rainstorm warning were withdrawn before noon, banks would re-open two hours thereafter, weather and conditions permitting.

A spokesman from the Stock Exchange of Hong Kong said trading would be closed in early morning.

If the rainstorm warning were withdrawn before 9.30 a.m. (0130 GMT), trading would resume two hours thereafter. Trading would resume at 2.30 p.m. (0630 GMT) if the warning were cancelled after 9.30 a.m. Trading would be closed all day if the signal was not lowered before noon (0400 GMT).

The Hong Kong Securities Clearing Co Ltd said in a statement its services would be suspended. If the warning were cancelled before noon, services would resume two hours thereafter.

The Chinese Gold & Silver Exchange Society said in a statement the Gold Exchange would be closed until further notice.

A government statement said courts and schools would be closed and some public services suspended.

Some local ferry services were also suspended because of the rainstorm warning.

-- Mike Lang (webflier@erols.com), August 22, 1999

Answers

Me thinks this is a load of BRAVO SIERRA. My guess is a bank and clearing house wire trasfer/GPS test. Doesn't seem bad enough to halt commerce... http://www.weather.com/weather/cities/ch__hong_kong.html

-- Dan (Waitfor@fullspin.com), August 23, 1999.

They have typhoons there all the time and don't shut all the banks down...

-- Andy (2000EOD@prodigy.net), August 23, 1999.

Wow. The government over there has just delivered a pantload to the "general population". Nothing, but NOTHING closes the markets except for major actual occurances (ie - nuclear war, invasion, terrorist attack on the actual trade buildings...)

-- Mr.Kennedy (Mr.K@home.today), August 23, 1999.

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