Chinese financial markets will close from noon on Dec. 31 to Jan. 2 : LUSENET : TimeBomb 2000 (Y2000) : One Thread


Wednesday December 1 11:18 PM ET

China To Close Markets for Y2K

SHANGHAI, China (AP) - Chinese financial markets will close from noon on Dec. 31 to Jan. 2 to guard against Year 2000 computer problems, state media said Thursday.

However, stock and futures markets, as well as brokerages, are to keep computers turned on to see whether they make the change to the new century, securities newspapers said.

Chinese officials are worried that computers programmed to read only the last two digits of a year could mistake 2000 for 1900, throwing finance and other industries into turmoil.

China's top official on the ``Y2K bug'' said Wednesday that banks, power suppliers and key industries are ready, but hospitals, companies and the rural interior are unprepared.

China's two stock exchanges are located in Shanghai and Shenzhen cities, two of China's most modern cities. The futures exchanges are located in Shanghai, Dalian and Zhengzhou.

Brokers and exchanges already have conducted several Y2K tests and said they found few problems.

The China Securities Regulatory Commission also plans a drill Saturday to test contingency plans, newspapers said.

China Telecom, the dominant phone company, declared last year that its systems are Y2K-compliant.

-- (New@News.Now), December 02, 1999

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